GBP/CHF - bullish daily channel in an overall bearish trend?
GBP/CHF has been another surprise over the past couple of weeks. After breaking below 1.69 back in Late-June we had expected price to continue down. However we have seen extremely choppy markets but constrained within an ascending daily trend channel.
The upper boundary of this daily channel is once again being tested today, alongside testing strong resistance at 1.2015. Although price has pushed through the 50 DAY and 100 DAY EMAs, as the overall trend is still bearish, we will be looking for confirmation of rejection from the resistance at 1.2015 for a potential short entry and then a retest of at least the lower channel boundary.
The upper boundary of this daily channel is once again being tested today, alongside testing strong resistance at 1.2015. Although price has pushed through the 50 DAY and 100 DAY EMAs, as the overall trend is still bearish, we will be looking for confirmation of rejection from the resistance at 1.2015 for a potential short entry and then a retest of at least the lower channel boundary.
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