GBPCHF: SHORT Idea, a possible MARKET REVERSAL
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TECHNICAL ANALYSIS:
Since June 2020, the price has been following a huge descending channel (switch on the daily perspective to get a better view), the price got many rejections any time it reached the dynamic resistance of the channel.
In the H4 chart, the price has been creating a clear ascending triangle started at the end of December 2020.
Today the price broke a daily resistance level at about 1.21178, and now it seems is going to reach our strong dynamic trendline, the next price action around this area it will give us a clear confirmation about the next market's movement.
CONCLUSION:
The ascending triangle is usually a continuation's pattern, but alone it doesn't mean anything! We need to consider that in a daily view, the price is reaching a strong resistance level that inverted the market many times and there's an high possibility that it could happen again, so I'm confident to see a bearish movement until the level at about 1.20500
Stay tuned for updates!
What's your opinion? Share your idea writing a comment!
Trade Safe and Responsibly
Gianni
TECHNICAL ANALYSIS:
Since June 2020, the price has been following a huge descending channel (switch on the daily perspective to get a better view), the price got many rejections any time it reached the dynamic resistance of the channel.
In the H4 chart, the price has been creating a clear ascending triangle started at the end of December 2020.
Today the price broke a daily resistance level at about 1.21178, and now it seems is going to reach our strong dynamic trendline, the next price action around this area it will give us a clear confirmation about the next market's movement.
CONCLUSION:
The ascending triangle is usually a continuation's pattern, but alone it doesn't mean anything! We need to consider that in a daily view, the price is reaching a strong resistance level that inverted the market many times and there's an high possibility that it could happen again, so I'm confident to see a bearish movement until the level at about 1.20500
Stay tuned for updates!
What's your opinion? Share your idea writing a comment!
Trade Safe and Responsibly
Gianni
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