GBP/CHF Bearish Continuation Towards 1.2633 If 1.2700 Fails

Dear Traders,

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.

The analysis has been done with the
CAMMACD.MTF template.

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Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

Published by

Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.