Wednesday, August 16, 2017

GBP/CHF Declines

Yesterday we posted the GBP/CHF daily analysis, where we mentioned the potential for price to form bullish price action. Taking a early look through the charts its easy to see that the 1.26340 support didn't hold and price has fallen through with a large amount of movement. It is advisable to be further patient with this pair.

If the movement continues to go South, we could see bears bring the price to a potential low of 1.2230, which would then form a triple bottom and put in motion the bullish support.

On the other hand, bulls might now decide it's time to buy in and get their long positions ready at a time where the pair is touching the 61.8% of the Fibonacci retracement.

Consider also the fact that the pair os now below the 200SMA and this a good bearish signal.

Chart: GBP/CHF D1


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8 comments:

  1. UnknownAugust 16, 2017 at 11:32 AM

    Looks like it will keep pushing lower.

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  2. UnknownAugust 16, 2017 at 6:58 PM

    It is quite bearish indeed.

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  3. UnknownAugust 16, 2017 at 8:16 PM

    I think it will keep falling.

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  4. UnknownAugust 18, 2017 at 2:59 AM

    Strong bearish trend.

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  5. UnknownAugust 19, 2017 at 6:00 PM

    Good analysis!

    ReplyDelete
  6. UnknownAugust 19, 2017 at 7:23 PM

    As always, very detailed analysis.

    ReplyDelete
  7. UnknownAugust 21, 2017 at 2:41 AM

    Excellent Analysis! Thanks.

    ReplyDelete
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