GBPCHF Daily Long Reversal

28 Mei 2017

GBP/CHF is in a range envrioment and I believe this downtrend is about to reverse into an uptrend however it could consolidate. It is at a trendline support level thats been valid since November of 2016. It was seeing resistance at a trendline from 9/05/16 - 4/14/17, on the 15th it broke out of this trendline and is now back at this level and could potentially see support here, along with the consistent support level its at I believe this is significant. RSI is also at trendline support levels. Stochastics are at an oversold level. 100-day MA has been converging on the 200-day MA since 2/27 and has just BARELY crossed over (100 MA: 1.2543. 200 MA: 1.2542). The 50-day MA crossed over the 100-day on 5/3 and crossed over the 200-day on 5/9. I believe these are all signs for a potential daily reversal.