CHFBGP Consolidation, Heavy resistance @ 0.8279, NEUTRAL
Based on the ADX indicating a weak trend strength (below 20) currently, and heavy resistance at 0.8279, the trend will be bullish when significantly below 0.8279 and bearish when at 0.8279.
The trend will change towards the end of 2021 when the resistance and trend lines converge.
At this point, I would employ a strategy of going short when at 0.8279 and going long when significantly below this price level.
Ichimoku Cloud also indicates a consolidation period ahead.
MACD would seem to indicate that there may be a short term, bullish breakout in the coming weeks. However, given the heavy resistance at 0.8279 and week ADX, don't expect this to be a long term trend.
The trend will change towards the end of 2021 when the resistance and trend lines converge.
At this point, I would employ a strategy of going short when at 0.8279 and going long when significantly below this price level.
Ichimoku Cloud also indicates a consolidation period ahead.
MACD would seem to indicate that there may be a short term, bullish breakout in the coming weeks. However, given the heavy resistance at 0.8279 and week ADX, don't expect this to be a long term trend.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.