1M - We saw last month close with a strong bullish engulfing bar off of a historical support level. This is a key level that price action has failed to break below numerous times. It is all time lows for
GBPCHF
and a strong rejection off of this level could mean we may see price action continue higher over the next couple of months.
1W - After a double bottom, price has rallied up over the past few weeks and has now broken some key levels. We are currently seeing price retesting the weekly 50 ema and some horizontal S/R. If we get a higher low form at this area, it could be confirming a bullish trend continuation based on the monthly timeframe.
1D - Recently a lot of bullish pressure has come in and we currently have a nice pullback retesting some S/R and the daily 20 ema. Based on previous testing, the 20 ema seems to act as great dynamic S/R when there is pressure coming from the higher timeframes (monthly chart specifically). We may see a new daily bullish trend develop once we get a confirmed higher low around this area.
Summary - This is a longer term position that has bullish indications from the daily all the way to the monthly chart. Based on everything that we are currently seeing, we could see bullish pressure come in on this pair over the next couple of months. Main target is the next S/R level on the weekly chart and a new higher high. This would still be well below the monthly 50 ema too, so we would consider it to be a conservative target for this pair. The main concern is the daily S/R zone around the recent high. We will be keeping an eye on how price reacts to this area.
GBPCHF
and a strong rejection off of this level could mean we may see price action continue higher over the next couple of months. 1W - After a double bottom, price has rallied up over the past few weeks and has now broken some key levels. We are currently seeing price retesting the weekly 50 ema and some horizontal S/R. If we get a higher low form at this area, it could be confirming a bullish trend continuation based on the monthly timeframe.
1D - Recently a lot of bullish pressure has come in and we currently have a nice pullback retesting some S/R and the daily 20 ema. Based on previous testing, the 20 ema seems to act as great dynamic S/R when there is pressure coming from the higher timeframes (monthly chart specifically). We may see a new daily bullish trend develop once we get a confirmed higher low around this area.
Summary - This is a longer term position that has bullish indications from the daily all the way to the monthly chart. Based on everything that we are currently seeing, we could see bullish pressure come in on this pair over the next couple of months. Main target is the next S/R level on the weekly chart and a new higher high. This would still be well below the monthly 50 ema too, so we would consider it to be a conservative target for this pair. The main concern is the daily S/R zone around the recent high. We will be keeping an eye on how price reacts to this area.