The Swiss Franc basket is at a key level. Since the COVID-19 peak in March, the CHF has been forming a solid descending wedge. Price has not broken below the 1.195-1.205 zone, although it has been tested. This zone was a pre-pandemic resistance, and has since acted as a support for the Swissie.
Currently, price is...
You have to be careful and analyze the price action before making the decision. We must think that nobody knows what will happen. I'm just trying to put the odds in my favor. Then the price will do what it has to do. So let's see what happens.
GBP has been one of the weakest currencies for some time now and it's easy to see that from this chart The FX market has been quiet for the majority of the week and it looks like GBP tried to regain some ground albeit slowly It could continue to gain but the overall bearish channel is what I'm focused on. I'm watching for bearish setups on GBP pairs but waiting to...
Inverted Head and Shoulders – price reaching the height(s) of the inverted Head, approaching previous support zone and the falling trendline for the profit stop setup of previous long position. Watchlist for future short positions.
- MACD line just crossed below SIGNAL line -> beginning of a BEARISH DOWNTREND
- RSI 14 is facing downwards
CHF/GBP price seems to be breaking the neckline of the DOUBLE TOP PATTERN. I would put my entry when the neckline breaks so that I can maximize my profits!
Looks like a good time to enter in a short trade (1-week timeframe)