GBPCHF: Bearish Continuation Setup from Resistance Zone
The GBPCHF pair is trading within a well-defined descending channel, indicating a bearish market structure. The price has recently retraced into a key resistance zone, which aligns with the channel's upper boundary. This area has previously acted as a strong resistance zone, rejecting bullish attempts.
If the price confirms rejection at this supply zone, I anticipate a bearish move targeting the lower boundary of the channel around the 1.10677 level, which aligns with a key support zone on the daily time frame. This area may attract buyers, potentially leading to a reversal or temporary consolidation.
This setup suggests a continuation of the bearish trend within the current channel if the rejection occurs. Traders should watch for confirmation, such as bearish candlestick patterns or a break of intraday support levels, before considering short positions.
If you agree with this analysis or have additional insights, feel free to share your thoughts in the comments!
If the price confirms rejection at this supply zone, I anticipate a bearish move targeting the lower boundary of the channel around the 1.10677 level, which aligns with a key support zone on the daily time frame. This area may attract buyers, potentially leading to a reversal or temporary consolidation.
This setup suggests a continuation of the bearish trend within the current channel if the rejection occurs. Traders should watch for confirmation, such as bearish candlestick patterns or a break of intraday support levels, before considering short positions.
If you agree with this analysis or have additional insights, feel free to share your thoughts in the comments!
註釋
Trade idea invalidated. Bullish candle closed above the resistance zone.註釋
Price broke above the zone but failed to continue bullish and came back into the channel.交易進行
I'm entering my short position
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