Reflection on GBPCHF

Dear Dynamic Traders,

Yesterday's post of the GBPCHF highlighted a potential triple top. The price mustered up strength today to the upside and did not look back. It has definitively broken through the resistance. Although the analysis yesterday showed a potential opportunity to the downside, it could be that the news today has had an impact on the move.

I have subsequently spotted a possible inverted head and shoulders (I say possible as you cannot be sure until the move has happened). The move up has been too big and my risk management does not permit me to enter the trade at this point. In addition there is a doji apparent at the time of writing this. I will now wait for the price to retrace and enter if the confluence of events still hold true.

Chart courtesy of Advanced Get

Good Trading!

Bijal Shah