GBP/CHF is testing the downside

GBP/CHF is testing the downside

Trade idea

SELL 1.2160; TP1 1.2100; TP2 1.2075; SL 1.2180 

Last week GBP/CHF topped at 1.2475 as it met the previous support and now resistance line connecting the 2016 and 2018 lows. The pair formed a bearish “shooting star” pattern on the W1. This week the pair has slipped below the declining 100-day MA at 1.2320. The decline below 1.2165 (the 38.2% Fibonacci retracement of the August-September advance) will open the way down to 1.2100 (200-period MA on H4) and 1.2075 (the 50% Fibo and 50-day MA). The outlook will remain negative as long as GBP/CHF is staying below 1.2280 (Thursday’s high). 

GBPCHF.png

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GBP/CAD has broken above the ascending triangle, which is now providing support in the 1.7100/1.7060 area.

EUR/CAD is ready for a move

EUR/CAD has formed a couple of higher lows since October. The pair has managed to overcome the 50- and the 100-day MAs at 1.4588 and 1.4640 respectively.

Latest news

GBP/CAD is insatiable

GBP/CAD has broken above the ascending triangle, which is now providing support in the 1.7100/1.7060 area.

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