Forex Trading Library

GBPCHF – Bullish bias on a triangle breakout

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Monthly: A bearish Elliott Wave pattern (5-waves) was compete at the 2011 low of 1.1462. Price action is holding within a triangle formation (106 months of mixed trading).  Ichimoku Cloud resistance is seen at 1.4092. Marabuzo resistance from last month’s price action is located at 1.3365

Weekly:  For the last 96 weeks we have held within a bullish channel formation. The trend line resistance is currently located at 1.3973. Bespoke resistance is seen at 1.3925. This is our prime long-term short entry level.

Intraday 4-hour chart: Dip buying is either making an ascending triangle formation (bullish) or a slightly dis-jointed bullish reverse Head and Shoulders. A break of 1.3250 and the measured move 1.3448.

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