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Gbpchfsetup

GBPCHF | Perspective for the new week The British Pound has been gaining momentum since the beginning of December 2021 against this Swiss Franc and price action in the last two weeks might be a retracement in favour of a Bullish momentum in the coming week(s). Tendency: Uptrend (Bulliish) Structure: Breakout | Supply & Demand | Trendline | Reversal pattern (Double Bottom) Observation: i. Since the 6th of December 2021; the British pound recorded a 4.5% growth in value against the Swiss franc to suggest that a Bullish momentum is evolving. ii. Price appears to have found a bottom at Fr1.21 and have since been finding higher lows which culminated in a successful breakout of key level @ Fr1.23 in the latter part of December 2021. iii. Technically, the appearance of a pattern that describes a change in trend and a momentum reversal from prior leading price action at Fr1.21 appears to be confirmed as soon as we witnessed a successful breakout (Fr1.23) of the neckline which is also the key level. iv. Immediately price hit Fr1.26 area on the 11th of January 2021, we witnessed a downward spiral in price action which I presume to be a retracement of the breakout move (Impulse leg). v. Hoping to join a potential rally in the coming week(s) if price retests Neckline as I am expecting a price plunge into a new demand level (identified on the chart) in the early hours/days of the new week. vi. In this regard, I have identified zone around Fr1.235/1.22 for buying opportunity... Trade consciously!😊 Trading plan: BUY confirmation with a minimum potential profit of 350 pips. Risk/Reward : 1:5 Potential Duration: 12 to 20days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
GBPCHF AnalysisThe Weekly timeframes shows us that GC is currently trading in a falling wedge, following a very impulsive drop. This could mean sellers are losing their steam (long-term). A further analysis of the D1 and H4 shows us that price had an impulse move up from the weekly support trendline, and is currently in a correction phase. I will be looking for opportunities to buy on lower timeframes in case price breaks out of the correction. *Disclaimer* This is not financial advice. Forex trading is a risky business. Trade at your own risk. Patience and risk management are crucial. #Trade_Like_A_Magnate
Long
by Magnatrio
GBPCHF Is Heading Higher To Complete A Flat PatternHi traders, GBPCHF has been trading in a tight range but its price action makes Elliott Wave sense. After a strong impulse decline in wave A, a three-wave correction is expected before the bearish continuation. This correction seems to be taking the shape of the Elliott Wave 3-3-5 expanded flat correction pattern. Price made a three-wave rally in the circled wave a, and another three-wave decline in circled wave b. Pink wave (b) unfolded as a triangle which makes the circled wave "b" decline a complete zigzag correction. If this count is correct, the price is expected to resume higher in five-wave in red wave B. However, the price can be making an A-B-C-D-E triangle which means the expected rally might not breach circled wave "b" high. Thanks for reading!
Long
by Veejahbee
GBPCHF | Perspective for the new week | Follow-UpWith over a thousand pips since my last publication on this pair (see link below for reference purposes); The Pound has enjoyed dominance over the Swiss franc in the last couple of months and we are presently witnessing a drop in Bullish momentum as price action appears to have transitioned into a corrective phase since the successful Breakdown of Fr1.28000 (Key level) on the 7th of April 2021. Even though we are on an overall Bullish trend (see weekly chart); I am planning to take a counter-trade opportunity on this pair, why? We might be experiencing a risk of further decline in the coming week(s) as participants who took advantage of the Bull do quick profit-taking with high hopes of a rally in the nearest future. Tendency: Downtrend ( Bearish ) Structure: Breakdown | Supply & Demand Observation: i. Breakdown of Key level @ Fr1.28000 has been followed with the multiple rejections of this level as price continues to trade under in the last one month. ii. From a Bearish perspective, trading below Fr1.28000/1.27000 seems to be a safe juncture to place sell orders in the coming week(s). iii. Even as Bearish momentum appears imminent, it is important that we take into consideration the major Demand zone @ Fr1.26000/1.25500 area which has held price "supported" since Feb 2021. iv. With such a strong Demand level ahead of us on this Bearish journey, it is advisable that we remain conscious as any significant rejection of this level might incite a rally continuation. v. However, should a Breakdown of Demand level happens in the coming week(s); an opportunity to add a position at retest appears to be most appropriate. vi. CAUTION: a. Break above and retest of Fr1.280000 incites rally continuation b. Long term perspective is Bullish hence the need to be conscious throughout the course of this trade is VERY VERY important... Trade consciously! :) Trading plan: SELL confirmation with a minimum potential profit of 200 pips. Risk/Reward : 1:4 Potential Duration: 6 to 10days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
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