GBP/CHF Needs To Break 1.2334 For Bearish Continuation

GBP/CHF Needs To Break 1.2334 For Bearish Continuation

Dear Traders,

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
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.