Reversal in GBPCHF short term daily
Updated
As seen in the chart, we have oversold, and what looks like bullish sentiment in the macd, as the 2 previous days low has not been lower than 3 days ago. Together with the possible wedge pattern and the historic resistance from far far back (horizontal line), this creates a low risk buy setup, for potential upside. I doubt it will go as high as the second green arrow, but anything is possible. Top line is old resistance line.
Note
Note: Overall direction is bearish, therefore we dont have to bounce here, but could also break under wedge for continuation.
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