GBPCHF basing and move higher?
GBPCHF is showing an interesting sign or perhaps a reversal on the 4 hour chart. I must admit to be careful though due to the market volatility and geopolitical tensions...Swiss Franc is a safety play.
We have had a prolonged downtrend with lower highs and lower lows. We then began to range, displaying 2/3 market movements.
We broke above a resistance/flip zone at 1.1780 zone and it was a strong candle stick break. This also confirmed a higher low swing at 1.1730.
Seems now we are retesting that break, and I would not await for this re-test and a break above the recent highs of 1.1840 which would also confirm a new higher low.
Again, just be cautious with Swiss pairs.
We have had a prolonged downtrend with lower highs and lower lows. We then began to range, displaying 2/3 market movements.
We broke above a resistance/flip zone at 1.1780 zone and it was a strong candle stick break. This also confirmed a higher low swing at 1.1730.
Seems now we are retesting that break, and I would not await for this re-test and a break above the recent highs of 1.1840 which would also confirm a new higher low.
Again, just be cautious with Swiss pairs.