GBPCHF: The price Back to ITS TRENDLINE
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🟢Forex Pair:
GBP/CHF
⚪Technical Analysis:
Since the end of January 2021, the price has been following an interesting uptrend following its main trendline.
On the 12th of February, a strong bullish impulse on the trendline, moved the price up breaking through the S/R zone at about 1.23700, reaching a strong weekly area at about 1.25500.
The price is currently re-testing the same level and considering that this level rejected the price many times in the past, there is a possibility to see a clear bearish retracement.
🔴Conclusion:
The price has been moving with a strong uptrend since the end of December 2020, and now that it reached a really strong S/R zone, I'm confident to see an upcoming market reversal.
I'll be waiting for a proper rejection on the current level before planning my short position on this trade and my target would be the next support zone or any point on the trendline at about the 0.50% of Fibonacci retracement.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
GBP/CHF
⚪Technical Analysis:
Since the end of January 2021, the price has been following an interesting uptrend following its main trendline.
On the 12th of February, a strong bullish impulse on the trendline, moved the price up breaking through the S/R zone at about 1.23700, reaching a strong weekly area at about 1.25500.
The price is currently re-testing the same level and considering that this level rejected the price many times in the past, there is a possibility to see a clear bearish retracement.
🔴Conclusion:
The price has been moving with a strong uptrend since the end of December 2020, and now that it reached a really strong S/R zone, I'm confident to see an upcoming market reversal.
I'll be waiting for a proper rejection on the current level before planning my short position on this trade and my target would be the next support zone or any point on the trendline at about the 0.50% of Fibonacci retracement.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
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