GBP/CHF is trying to rebound

GBP/CHF is trying to rebound

Trade idea

BUY 1.2735; TP 1.2820; SL 1.2715

On W1, GBP/CHF is trading in a descending wedge. The pair recoiled from the pattern’s lower border and turned up.

GBPCHFWeekly.png

On D1, we can see that the pound rose above the range, in which it stayed during the most of December. Yesterday’s candlestick showed that there’s demand for the pair around 1.2500. It retraced 50% of the November-January decline, so the advance above the 100-day MA at 1.2725 will open the way up to the next Fibo level a 1.2835.

GBPCHFDaily.png

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After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

Latest news

XAU/USD: an attempt to recover

After forming a “hammer” candlestick on the D1 on Tuesday, XAU/USD rose to $1,467 and consolidated between this level and $1,461.

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