GBPCHF has been ranging between the resistance zone at 1.22000 and the support zone at 1.17500. Price is currently at the support zone and is showing signs of rejection at the support zone. Bulls can look to go long once a break and retest of the counter-trendline occurs. A more aggressive approach would be to enter a long position at current market price. A stop loss could be placed a few pips below the support zone, as a break below the support zone could send GBPCHF downwards.
Be sure to take positions based on what the market is doing; do not take positions based on your predictions.
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Best of luck traders!
Be sure to take positions based on what the market is doing; do not take positions based on your predictions.
Follow me for more ideas and analyses. Leave a comment below with your thoughts, all input is appreciated.
Best of luck traders!