GBP/CHF - Anticipating Bearish Momentum from Key Resistance
GBP/CHF is forming an Anti-Cypher Harmonic Pattern (XABCD) on the 4-hour chart. This pattern indicates a potential reversal in the current trend.
Key Levels and Trendlines:
The price is approaching a key resistance area and a 4-hour trendline, suggesting a possible reversal from the bullish momentum.
Entry and Stop Loss:
Considering the Anti-Cypher pattern and the resistance levels, a prudent entry point for a short position is 1.1385. The stop loss should be placed at 1.14500 to mitigate potential losses.
Take Profit Targets:
We have identified three take-profit targets
These levels align with potential support areas and provide suitable profit-taking opportunities.
Conclusion:
Based on the analysis of the Anti-Cypher pattern, key resistance levels, and trendlines, we anticipate a bearish momentum from Point D. Traders may consider entering short positions at 1.1385 with stop loss at 1.14500 and targeting TP levels at 1.13235, 1.12650, and 1.12035 respectively. As always, it's essential to closely monitor the market for any changes and adjust the strategy accordingly.
Key Levels and Trendlines:
The price is approaching a key resistance area and a 4-hour trendline, suggesting a possible reversal from the bullish momentum.
Entry and Stop Loss:
Considering the Anti-Cypher pattern and the resistance levels, a prudent entry point for a short position is 1.1385. The stop loss should be placed at 1.14500 to mitigate potential losses.
Take Profit Targets:
We have identified three take-profit targets
- TP-1: 1.13235
- TP-2: 1.12650
- TP-3: 1.12035
These levels align with potential support areas and provide suitable profit-taking opportunities.
Conclusion:
Based on the analysis of the Anti-Cypher pattern, key resistance levels, and trendlines, we anticipate a bearish momentum from Point D. Traders may consider entering short positions at 1.1385 with stop loss at 1.14500 and targeting TP levels at 1.13235, 1.12650, and 1.12035 respectively. As always, it's essential to closely monitor the market for any changes and adjust the strategy accordingly.
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.