GBPCHF is approaching our first support at 1.2852 (horizontal swing low support, 50% Fibonacci retracement, 61.8% Fibonacci extension) where a strong bounce might occur above this level to our major resistance at 1.3193 (horizontal swing high resistance, 61.8% Fibonacci retracement).
Stochastic is also approaching support.
Trading CFDs on margin carries high...
GBPCHF is approaching our first support at 1.2852 (horizontal swing low support, 61.8% fibonacci extension, 50% fibonacci retracement) where a strong bounce might occur above this level to our first major resistance at 1.3057 (horizontal pullback resistance, 38.2% fibonacci retracement).
Stochastic (34,,53) is also approaching resistance where we might see a...
We are currently shorting the pair and the strategy is to trade the 4th leg of Gartley pattern (yellow). We are also predicting a correction and that price will continue to fall to complete the 4th leg of the butterfly pattern (blue). This strategy is valid only if the yellow zone at the top is not broken. FX:GBPCHF
I short GBPCHF from @1.3275
Stop Loss : 1.3335
Take Profit : 1.3200
The reason behind this is, I saw a weakness on the Buyers.
Sellers started entry and from my perspective, I think it can reach at least till @1.3200 before if it breaks the Rising Wedge Patter.
There is no need to extend words, You can see that the last time the gbpchf met the moving average 200 automatically he fell, We do not see why this will not happen now, Here too there will be a technical correction but not as sure as the previous time.
Entry Price: 1.3220
Stop Loss: 1.3370
Take Profit: 1.3080