The GBP/CHF has formed a bearish zigzag which is very strong on both intraday and higher timeframes. The price looks determined to push towards lower support levels.

The POC zone 1.2800-20 should reverse the price on a bearish candlestick formation after a retracement, if it happens. At this point the price is supported slightly above D L3, which could indicate a possible upside correction. If we don’t see any retracement pay attention to 1.2746 and 1.2710. The loss of 1.2710 support should initiate another bearish breakout towards 1.2650 and 1.2633. Only a close above 1.2914 would temporarily negate a strong bearish momentum in the GBP/CHF pair.

- advertisement -
Previous articleEURUSD Weakness Expected
Next articleEUR/USD – Euro Dips To 4-Week Low As German Manufacturing PMI Falls
The Wave Analysis it for today the most flexible, powerful and perspective tool which allows to predict tendencies which lead to certain changes on financial charts on all time pieces. One of properties of this tool is its insufficient formalisation, proceeding from it the opinion of the author of the forecast made on the basis of the Wave Analysis always is subjective. As the Wave Structure constantly varies, the forecast on the basis of the Wave Analysis reflects opinion of the author at the moment of the forecast publication. The Wave Analysis is not trading system. It not the generator of signals on the conclusion or an exit 1from the transaction, therefore the schematical direction of movement of the price put on the chart should not be for the trader the guide to action on opening of positions. In case of formation in the market of conditions which, according to the author it is possible to use for drawing up of the trading plan - on a chart levels of acknowledgement of the chosen scenario, optimum areas of an input and levels of cancellation of the chosen scenario will be specified in addition.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.