Wednesday market analysis: GBP/CHF

Hello traders,

In the past few days good setups have been scarce, hence my reason for posting trickles of setups. That said, one pair I will be looking at this Wednesday will be the GBP/CHF.

1. GBP/CHF

GBP versus Swiss francs

GBP/CHF was on our weekly market analysis last week, and though I had a bullish bias then, the bears did not allow buyers to go full throttle on this pair, so I have been trailing it

Today buyers drove price back to a key resistance zone that was visited by price over a week ago. If we do get a bullish engulfing candlestick on the daily time frame, then we will be watching out for price to break the key resistance zone and 200 ma on the 44 hour time frame before joining the buyers and riding price to NPRZ.

However, If we do get a reversal, I will be standing by the sidelines

What say you?

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