GBPCHF | Perspective for the new week
The British Pound has been gaining momentum since the beginning of December 2021 against this Swiss Franc and price action in the last two weeks might be a retracement in favour of a Bullish momentum in the coming week(s).
Tendency: Uptrend (Bulliish)
Structure: Breakout | Supply & Demand | Trendline | Reversal pattern (Double Bottom)
Observation: i. Since the 6th of December 2021; the British pound recorded a 4.5% growth in value against the Swiss franc to suggest that a Bullish momentum is evolving.
ii. Price appears to have found a bottom at Fr1.21 and have since been finding higher lows which culminated in a successful breakout of key level @ Fr1.23 in the latter part of December 2021.
iii. Technically, the appearance of a pattern that describes a change in trend and a momentum reversal from prior leading price action at Fr1.21 appears to be confirmed as soon as we witnessed a successful breakout (Fr1.23) of the neckline which is also the key level.
iv. Immediately price hit Fr1.26 area on the 11th of January 2021, we witnessed a downward spiral in price action which I presume to be a retracement of the breakout move (Impulse leg).
v. Hoping to join a potential rally in the coming week(s) if price retests Neckline as I am expecting a price plunge into a new demand level (identified on the chart) in the early hours/days of the new week.
vi. In this regard, I have identified zone around Fr1.235/1.22 for buying opportunity... Trade consciously!😊
Trading plan: BUY confirmation with a minimum potential profit of 350 pips.
Risk/Reward: 1:5
Potential Duration: 12 to 20days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Tendency: Uptrend (Bulliish)
Structure: Breakout | Supply & Demand | Trendline | Reversal pattern (Double Bottom)
Observation: i. Since the 6th of December 2021; the British pound recorded a 4.5% growth in value against the Swiss franc to suggest that a Bullish momentum is evolving.
ii. Price appears to have found a bottom at Fr1.21 and have since been finding higher lows which culminated in a successful breakout of key level @ Fr1.23 in the latter part of December 2021.
iii. Technically, the appearance of a pattern that describes a change in trend and a momentum reversal from prior leading price action at Fr1.21 appears to be confirmed as soon as we witnessed a successful breakout (Fr1.23) of the neckline which is also the key level.
iv. Immediately price hit Fr1.26 area on the 11th of January 2021, we witnessed a downward spiral in price action which I presume to be a retracement of the breakout move (Impulse leg).
v. Hoping to join a potential rally in the coming week(s) if price retests Neckline as I am expecting a price plunge into a new demand level (identified on the chart) in the early hours/days of the new week.
vi. In this regard, I have identified zone around Fr1.235/1.22 for buying opportunity... Trade consciously!😊
Trading plan: BUY confirmation with a minimum potential profit of 350 pips.
Risk/Reward: 1:5
Potential Duration: 12 to 20days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously
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