GBP/CHF Analysis and Trade Setup
As shown in the chart, the GBP/CHF pair experienced a significant downward move, breaking through a key support level and pulling back to retest it. After the pullback, the price has formed a slightly descending channel within the yellow resistance zone. If the trend continues, there is a possibility of a breakout to the downside, which would trigger our entry into the trade.
📉 Entry Trigger:
We're considering the break of the **1.1052** level as our entry trigger. Once the price breaks below this level, we can initiate a short position.
🔍 Key Observation:
It's essential to note that this resistance zone overlaps with the 50% Fibonacci retracement level of the previous move, strengthening the significance of this area as a potential rejection zone.
🚨 Risk Management Reminder:
Always ensure proper risk and capital management. Be patient once you're in the trade and allow the price to reach your target 🎯.
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Trend Analysis, Support and Resistance, Fibonacci Levels
#GBPCHF #ForexTrading #Tradecitypro #TCP #RiskManagement #Fibonacci #TechnicalAnalysis
📉 Entry Trigger:
We're considering the break of the **1.1052** level as our entry trigger. Once the price breaks below this level, we can initiate a short position.
🔍 Key Observation:
It's essential to note that this resistance zone overlaps with the 50% Fibonacci retracement level of the previous move, strengthening the significance of this area as a potential rejection zone.
🚨 Risk Management Reminder:
Always ensure proper risk and capital management. Be patient once you're in the trade and allow the price to reach your target 🎯.
---
Trend Analysis, Support and Resistance, Fibonacci Levels
#GBPCHF #ForexTrading #Tradecitypro #TCP #RiskManagement #Fibonacci #TechnicalAnalysis
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