GBPCHF - Respect ResistancePrice has come down aggressively to test the previous resistance level, if we see a clear structure shift we could look for a potential long opportunity, I have marked the level that would need to be broken before I consider any position.
According to COT data source - 55% short
Gbpchfshort
GBP/CHF SELL SIGNAL
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welcome to a new free trading-setup.
NOTICE: This is meant to be a preparation for you! As always we will have to wait fro a confirmation.
GBP/CHF: Daytrade-Preparation
Market-Sell-Order: 1,20630
Stop-Loss: 1,21285
Target 1: 1,20000
Target 2: 1,19690
Target 3: 1,18075
Stop-Loss: 65,5 pips
Risk: 0,5% - 1%
Risk-Reward: 2,50
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Peace and good trades
Irasor
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GBPCHF / SHORTApologies the chart looks a bit squashed but its easier to see everything on the daily
We can see price has reached its daily resistance and been rejected
We can also see price has tried to retest a broken support level
Now we are looking for structure to be broken / bounce off a fibo level and a short down to the 127.0 fibo level
Going Short On GBPCHF!!! Time to see a fall...As of now, we can see minimal bearish movement start to take place for GBPCHF. What I will be seeing now is a likely fall from this level to 2 important levels: 38.2 fib level and 61.8 fib level. Reason to point out this two level is firstly a bearish movement till 38.2 fib level followed by a rejection could mean that GBPCHF is still strong with it BULLISH climb. However, a 61.8 fib level retracement would signal to us that GBPCHF will be losing strength. As of now, I will short this pair with 2 level to keep in mind.
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GBP/CHF - bullish daily channel in an overall bearish trend?GBP/CHF has been another surprise over the past couple of weeks. After breaking below 1.69 back in Late-June we had expected price to continue down. However we have seen extremely choppy markets but constrained within an ascending daily trend channel.
The upper boundary of this daily channel is once again being tested today, alongside testing strong resistance at 1.2015. Although price has pushed through the 50 DAY and 100 DAY EMAs, as the overall trend is still bearish, we will be looking for confirmation of rejection from the resistance at 1.2015 for a potential short entry and then a retest of at least the lower channel boundary.
GBP/CHF Bearish BreakoutThis pair shot up a bit last week but since then has been forming lower highs.
I am looking for a bearish kumo breakout to coincide with a bearish kumo twist to confirm that it is time to try and push back lower as people rush back to safe havens like the Swiss Frank.
I've drawn out some partial take profit levels on the way to my overall target.
If we fail to maintain bearish confirmations, or if we fail to break down and hold below the kumo, this setup may become invalidated.