GBPCHF tests again

Good Morning Dynamic Traders,

Below is the daily and 4 hour chart for the GBPCHF pair. Price has tested the most recent resistance level (which is also a Fib breather, and a RN) several times. It produced signs of a breakthrough via a bullish candle on Wednesday the 27th May, however, that appears to be a FBO. The application of ESLT would have ensured that the smart money did not get triggered. We now see signs of a reversal candle in the form of tram tracks and price heading southwards.














The four hour chart shows further breakdown of the downward movement with price facing support level challenges. What is appearing before us does not confirm that the direction has necessarily changed and it could well be a breather before price tries to test the resistance level again. What we would now look for is further signs to confirm if the trend has changed so you can enter short (LH's, LL's) or wait for price to resume the rally.















Best wishes for an awesome weekend.

Good Trading!
Bijal Shah