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GBPCHF Almost Ready To Drop Too

mmafxbook (mmafxbook)
Feb 16 2016 at 13:00
165 posts
Hello Traders,
GBPCHF had been entangled in the weekly Supply Zone.It seems ready to drop too after the GBP CPI and reduced CCPI.If the price trade dropped to 1.4210,conservative traders may consider shorting the pair with TP at about 647 pips at 1.35648 and a risk of 250 pips with SL at 1.4455.They may also elect to wait till a close below and retest of 1.39239-the most recent low based on the 4hr time frame.

As for aggressive traders they already behind schedule,as the pair has bounced from daily pivot R1,providing an excellent low risk entry with the with the bearish candle formed there.They should short as stochastic at the 4 hr time frame has already crossed below 80 level for a ride to at least 1.41677 at S1.

Happy shorting!

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