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Gbpchfshort

GBPCHF Range Breakthrough?Entry – 1.2715 Target – 1.2618 – 96.5 pips Stop Loss – 1.277 – 55.0 pips $GBPCHF has been in a range for about four weeks. Price is currently at the bottom of the range, so it’s not necessarily the smartest place to sell, but the long upside wicks and PA’s slogging pace to the downside over the past day makes me feel like it’s worth taking the risk on a short position 4-Hour Chart: Price is below the Ichimoku cloud, conversion line (red line), and 30EMA (green line). Again, we’ve seen more active selling in the 1.279 – 1.283 zone than buying in the 1.272 level. We’re trading against a recent uptrend (beginning August 13th), but a test of the 200MA (blue line) seems like a nice target for a retracement. The stop loss is located in the middle of the range and above the Ichimoku cloud and the 30EMA. My thinking here is that if the price reaches that level, we’re likely going to test the top of the range at least one more time and the entire thing should be reassessed. Daily Chart: Price broke through the 200MA on October 15 and came to a halt into the range zone. Oftentimes, price will retest the 200MA on a break. Take profit target is right below that 200MA line on the daily chart. The 30EMA is touching, but has not crossed, the 200MA on the daily chart. Price touched and reacted off of the monthly 30EMA. This should be considered a risky trade and you may feel safer taking a trade when a direction has been clearly established. -Zedro
Short
by Zedro
GBPCHF Analysis: Price may fall towards the trendlinePrice has already broken the structure from the lower side on hourly time frame and is retesting the breakout. Price has previously respected a trendline a number of times. It may fall as a result of the breakout as well as it to test the trendline for another time. This setup will only be valid if the price does not manage to break back into the structure and retests the breakout successfully. I would appreciate your views on the pair. If you like the analysis hit the like to show support.
Short
by John_Mwaniki
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