Re-visiting the GBPCHF

Good Evening Dynamic Traders,

Hope you had a phenominal weekend. It seems that we (in England) have a variety to experience in terms of weather, snow and now terrential rain. The universe is helping the train drivers produce some good excuses for disruptions to people who are so desperate to get to work. I wonder if we can make the sun come out? Enough about the weather (no mentioning Phil Scolari..) so I will stop now and move on to my analysis for this evening.

I have done a revisit on the GBPCHF pair this evening. The weekly chart shows the longer term trend to be down. The price has almost retraced to a Fib breather level. Given that this is a longer timeframe, as you know it normally dictates the course of events.














The daily chart unearths a lot more.
I mentioned a possible inverted head and shoulders on my last post. Price broke through decisively last Thursday and it's now approaching a RN, support turned resistance and Fib clusters. If price manages to break through there may be further mileage left if the chart pattern holds true. If you are in the position, manage it carefully.

Chart courtesy of Advanced Get


Good Trading!

Bijal Shah