I have gone short GBP/CHF @ 1.4945 with a TP 1.4815 an SL 1.49.95.
Tonight this trade looks good for a few reasons.
First off on Friday the critical resistance around 1.5070 was tested and held with a sell off down to 1.49 zone. Since then we have gapped down on the opening of the market and now face important resistance around 1.4975 which must hold in order for more downside. I f the price does turn south then the only real support should be around the 1.4870. Below that 1.4800 is paramount fo the longer term uptrend to continue. This is where the price looks to be headed at the moment.
The hourly chart is looking like the bears are in control with the RSI at it's roof and the price unable to hold above 1.4950. We are also about 100 pips away from the 100 EMA. The 4 hour chart is showing signs that bulls are pushing on the price but unless 1.4975 can be broken in the coming hours we should see 1.4870 at least.
The 15 and 5 minute charts show that we have been bullish in the last few hours but the 1.4950 has capped the rise and now a possible downturn may come into play. It would be wise to either take profit around 1.4875 or add a trail, I am doing the latter and will continue watch the pair tomorrow if my targets are not reached in order to close ahead of them.
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