💱GBPCHF - False breakdown of D1, H&S formation
GBPCHF is forming a downtrend. The price after a false breakdown of one of the key support levels is testing resistance. Remember the strategy of trading in the channel on a downtrend!)
TA on a high timeframe:
1) The price forms a false-break of the 1.14100 level.
2) Price consolidates below the level after the H&S divergence pattern is formed.
TA on a low timeframe:
1) The retest of the base of the reversal pattern is formed
2) At the same time the price tests the downtrend resistance
3) There is a chance that on the back of the downtrend the retest of the resistance will send the price down.
Key support📉: 1.13296
Key resistance📈: 1.13843, 1.14000
TA on a high timeframe:
1) The price forms a false-break of the 1.14100 level.
2) Price consolidates below the level after the H&S divergence pattern is formed.
TA on a low timeframe:
1) The retest of the base of the reversal pattern is formed
2) At the same time the price tests the downtrend resistance
3) There is a chance that on the back of the downtrend the retest of the resistance will send the price down.
Key support📉: 1.13296
Key resistance📈: 1.13843, 1.14000
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