UPDATE 3.0 - GBPCHF - CONT or BREAK-OUT

6 Feb 2022

UPDATE 3.0
GBPCHF

Hope everyone has a good weekend...


Today, I will be kicking off with a revisit to the GBPCHF

As you guys may be aware - I have previously provided Technical Analysis for this currency and have been watching for the best part of the last 3 weeks


You can find the previous analysis at both the links below…

...


So, within the previous analysis - I discussed how the market was progressing upwards

Furthermore, the Descending Channel[/I] that I originally marked out on the Daily TF is still intact
And, with Price still pushing up to the Resistance

Additionally and on the H4 - I marked out and Ascending Channel with a Break-Out[/I] to the downside
And, over the trading week - The market continued to be bullish and retest the support of this channel.
Although, after testing this support - Price did fall slightly and pushed up again for a further test.
For me personally it was not at the confluence I was looking for to short the market


Following this, a further Ascending channel was identified
This providing similar confluence at the previously identified level of 1.252

[This looks like a more likely target for the upcoming trading week]


So and again people - We are looking for the reaction at the 1.252 level of confluence.
Currently, I am on the side of sells - but, who knows, right?
Any for of Price Action in. for the a CS would be sells
Alternatively, a close above the 1.252 resistance zone I would consider Buys


As always - thanks for tuning in people
Keep it real!