GBPCHF: Is the Price BREAKING its TRENDLINE?
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🟢Forex Pair:
GBP/CHF
⚪Technical Analysis:
In the weekly time frame, since March 2020, the price has been following a clear side trend, reaching many times its support and resistance level.
It has currently reached a strong resistance zone at about 1.21281 and there is a possibility of market reversal.
In the daily time frame, at the beginning of December 2020, the price got a strong positive impulse, moving up reaching the main weekly resistance level.
It is currently retesting its dynamic support.
In the h4 time frame, the price is clearly following a strong uptrend, bouncing many times on its dynamic support.
It got few rejections on the resistance zone at about 1.21500 and it's now retesting the dynamic support of its trendline.
The next price action around that level will be essential to understand the next market movement.
🔴Conclusion:
The price has just reached an important weekly resistance zone that rejected the price many times and we can definiltely see that it is losing strenght to grow.
I'm confident to see the price breaking its dynamic support line and falling down until the next support zone at about 1.19250.
I'll start planning my short trade only once the price will break and retest the dynamic S/R level.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
GBP/CHF
⚪Technical Analysis:
In the weekly time frame, since March 2020, the price has been following a clear side trend, reaching many times its support and resistance level.
It has currently reached a strong resistance zone at about 1.21281 and there is a possibility of market reversal.
In the daily time frame, at the beginning of December 2020, the price got a strong positive impulse, moving up reaching the main weekly resistance level.
It is currently retesting its dynamic support.
In the h4 time frame, the price is clearly following a strong uptrend, bouncing many times on its dynamic support.
It got few rejections on the resistance zone at about 1.21500 and it's now retesting the dynamic support of its trendline.
The next price action around that level will be essential to understand the next market movement.
🔴Conclusion:
The price has just reached an important weekly resistance zone that rejected the price many times and we can definiltely see that it is losing strenght to grow.
I'm confident to see the price breaking its dynamic support line and falling down until the next support zone at about 1.19250.
I'll start planning my short trade only once the price will break and retest the dynamic S/R level.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
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