Swiss Franc cross is a lower volatility pair that is tempered by the currencies' economic and geographic proximity. The British Pound is one of the premier reserve currencies and represents the world's largest financial center. In turn, the Swiss Franc is used as a reserve currency around the world and is currently ranked rarely 5th or 6th in value held as reserves after the United States dollar, the euro, the Japanese yen, the pound sterling and the Canadian dollar.
As a result, the Pound has been fluctuating against the Swiss Franc in the 1. The pair tested the former barrier two times during the past two trading sessions. Technical indicators suggest that the same scenario might occur today, as For detailed analysis please look at the Video. Price Rejected the highlight zones huge wicks formed, shows clear signs of rejection in that zone. Looking for a swing of 1: Market has no power to break the resistance on top, so I'm expecting move down.
The technical analysis, that is analyzed according to my trading strategy, shows there are multiple short signals on GBPCHF daily chart.
Also considering the fundamental aspect, there are currently some uncertainties around the Brexit and the future relationship between Britain and the European Union, which can strengthen the theory of a stop to the gains. Inspired by an indicator I found on stevehopwoodforex. I'm sure I'm not the The 'breakouts' on the Daily timeframe have been obviously false ones. Combining this with the overall structure, chances are high that these attempts might be followed by a decent move to the downside.
As for the targets, I'm looking at the areas of: Supply zone ahead, it's not the strongest one, but it could make a retracement before breaking through. Sell now for the target 1. Short the pound at the breakout. See chart for details. Bearish Shark trading within a flag. Show More Ideas 1 2 3 4 5 From the creators of MultiCharts. Select market data provided by ICE Data services.More...