GBPCHF
GBPCHF has been consolidating for roughly 3 weeks in this channel. I still see this move as a correction on higher timeframes and am anticipating a move lower. There are two scenarios that I see possible as of now.
First and what I prefer is a move to the downside breaking the support zone, uptrend line breaking out of the channel, and the 200 EMA. If this does happen it will turn this pair very bearish and would look for a retest or a correction for the downside, moving to the overall low.
Second is that we can respect the trendline, support zone, and 200 EMA and make a move up the either the previous high or to the top of the channel.
First and what I prefer is a move to the downside breaking the support zone, uptrend line breaking out of the channel, and the 200 EMA. If this does happen it will turn this pair very bearish and would look for a retest or a correction for the downside, moving to the overall low.
Second is that we can respect the trendline, support zone, and 200 EMA and make a move up the either the previous high or to the top of the channel.
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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.