Reversal in GBPCHF short term daily
As seen in the chart, we have oversold, and what looks like bullish sentiment in the macd, as the 2 previous days low has not been lower than 3 days ago. Together with the possible wedge pattern and the historic resistance from far far back (horizontal line), this creates a low risk buy setup, for potential upside. I doubt it will go as high as the second green arrow, but anything is possible. Top line is old resistance line.
Note
Note: Overall direction is bearish, therefore we dont have to bounce here, but could also break under wedge for continuation.
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Related publications
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.