The GBP/CHF has formed a bearish zigzag pattern and we might see either continuation or a bounce. Look for a retest of W L3 camarilla.
If the price doesn’t close below 1.2334, we could see a bounce towards the POC zone. It is clearly visible on the chart with W L3 and descending trend line confluence. 1.2390-1.2405 could reject the price down towards 1.2350. However only below 1.2334 the pair will be targeting 1.2323 and 1.2300. A bullish close above 1.2408 will negate this scenario. At this point the price is still sold on rallies.
The analysis has been done with the CAMMACD.MTF template.
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Many green pips,
Nenad Kerkez aka Tarantula FX