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Gbpchfbuy

GBP/CHF technical analysisThe 3-hour chart(image 1) of GBP/CHF seems to be in a sideways consolidation mode after a long downside move. It has been in range bound movement for the past 1 month and a strong bullish engulfing candle has formed at the lower end of the support which is a very good sign that bulls have taken control. Coincidentally, this strong support zone meets the long term trendline in the Daily chart (image 2). The pair is also trading close to its 200 day moving average. So if the 3-hour chart gives a break out from the consolidation zone,it becomes a valid double bottom pattern. Taking all these factors into consideration,we expect the pair to give a bullish break out and its long term bull run to continue.
by traderpulse
GBPCHF Testing Major Resistance, Time To SellGBPCHF is testing strong resistance presenting us with a good selling opportunity. Sell below 1.3466. Stop loss at 1.3527. Take profit at 1.3335. Reason for the trading strategy (technically): Price is testing major resistance at 1.3466 (Fibonacci retracement, horizontal swing high resistance, bearish harmonic formation) and a strong reaction could occur from this level to push prices down to major support at 1.3335 (Fibonacci retracement, horizontal swing low support). Stochastic (34,5,3) is seeing major resistance below 97% and a corresponding reaction could occur from this level.
Short
by MEX_Exchange
GBPCHF Is Testing Major Resistance, Time To SellGBPCHF is presenting us with a really good selling opportunity. Sell below 1.3434. Stop loss at 1.3522. Take profit at 1.3145. Reason for the trading strategy (technically): Price is testing major resistance at 1.3434 (Fibonacci extension, bearish harmonic formation) and a strong drop could occur from here to push prices all the way down to 1.3145 (Fibonacci retracement, horizontal pullback support). We have our stop loss at 1.3522 (Fibonacci extension, above major swing high resistance) to give our trade some breathing space. Stochastic (89,5,3) is seeing major resistance below 96% and a corresponding reaction could occur at this level.
Short
by MEX_Exchange
1
GBPCHF Is Testing Major Resistance, Time To SellGBPCHF is presenting us with a really good selling opportunity. Sell below 1.3434. Stop loss at 1.3522. Take profit at 1.3145. Reason for the trading strategy (technically): Price is testing major resistance at 1.3434 (Fibonacci extension, bearish harmonic formation) and a strong drop could occur from here to push prices all the way down to 1.3145 (Fibonacci retracement, horizontal pullback support). We have our stop loss at 1.3522 (Fibonacci extension, above major swing high resistance) to give our trade some breathing space. Stochastic (89,5,3) is seeing major resistance below 96% and a corresponding reaction could occur at this level.
Short
by MEX_Exchange
Structure trade on GBPCHFHey guys, this is an hourly chart of GBPCHF and i'm taking this long trade because price is founding some support in a key daily structure and that meets my rules of engagement since we have a nice double bottom (you can see it by zooming in or going on even lower timeframes) and a nice engulfing candle on the 4H timeframe. Bigger picture is always important to determine which direction you want to take, so start your daily analysis by looking at higher timeframes to give you perspective on the market conditions! I think you'll reap the benefits as soon as you get used to that. If you have ideas/questions, feel free to comment below. Otherwise, see you in the next chart!
Long
by Roker1
2
Long setup on GBPCHFHey guys, this is an hourly chart of GBPCHF and i'm taking this long trade because price is founding some support in a key daily structure and that meets my rules of engagement since we have a nice double bottom (you can see it by zooming in or going on even lower timeframes) and a nice engulfing candle on the 4H timeframe. Bigger picture is always important to determine which direction you want to take, so start your daily analysis by looking at higher timeframes to give you perspective on the market conditions! I think you'll reap the benefits as soon as you get used to that. If you have ideas/questions, feel free to comment below. Otherwise, see you in the next chart!
Long
by Roker1