GBPCHF - LIKELY TO REMAIN RANGE BOUND
Symbol - GBPCHF
CMP - 1.1388
The GBPCHF pair has been consolidating within a range for the past 6 months, and it is expected to remain within this range for some time. Currently, the pair is testing the upper resistance zone of this range, which has acted as a cap on price movements. As a result, I expect the price to fall back within the range from here.
Trader's focus should be on the price action near the resistance zone. Given that the pair is currently at a critical point, it offers a good opportunity for a short trade as the risk-reward ratio is very favorable. A rejection from this resistance could see the price moving lower, providing an opportunity for traders looking for a pullback within the range.
If the price breaks above 1.1400 - 1.1410 and sustains above this level, the market outlook will shift. In that case, we may witness a breakout of the current range, with bullish momentum potentially taking over.
Resistance levels: 1.1400, 1.1375
Support level: 1.1270, 1.1215
Given the current resistance and the likelihood of a reversal within the range, the short trade setup offers a solid potential for a good profit. However, any decisive break above 1.1400 will change the market structure, signaling a potential shift to bullish momentum.
CMP - 1.1388
The GBPCHF pair has been consolidating within a range for the past 6 months, and it is expected to remain within this range for some time. Currently, the pair is testing the upper resistance zone of this range, which has acted as a cap on price movements. As a result, I expect the price to fall back within the range from here.
Trader's focus should be on the price action near the resistance zone. Given that the pair is currently at a critical point, it offers a good opportunity for a short trade as the risk-reward ratio is very favorable. A rejection from this resistance could see the price moving lower, providing an opportunity for traders looking for a pullback within the range.
If the price breaks above 1.1400 - 1.1410 and sustains above this level, the market outlook will shift. In that case, we may witness a breakout of the current range, with bullish momentum potentially taking over.
Resistance levels: 1.1400, 1.1375
Support level: 1.1270, 1.1215
Given the current resistance and the likelihood of a reversal within the range, the short trade setup offers a solid potential for a good profit. However, any decisive break above 1.1400 will change the market structure, signaling a potential shift to bullish momentum.
تم فتح الصفقة
CMP 1.1320
Short position +68 pips in profit.
Holding with CTC SL now.
إخلاء المسؤولية
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إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.