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Friday, January 15, 2021

GBPCHF inside a key range, let's wait for the breakout

GBPCHF inside a key range, let's wait for the breakout

Today we will take a look at the Daily chart on GBPCHF .

-The main structure we have is the expanding descending channel

-Inside the channel, we can see a range formed by the support zone at 1.16000 and the resistance zone at 1.22000

-Technical theory tells us that the expected movement after a breakout of a range is the extension of it. We can see that the extension provides a target that converges with the higher trendline of the descending channel

-If we have a breakout, we can expect to see a corrective structure with similar proportions to the one that happened before (yellow arrow) before the big bullish movement

-This is an interesting Forex Pair to keep an eye on due to the bullish potential it can provide if we have a breakout!



from Trading Ideas https://ift.tt/3qiv8ew
via gqrds

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