Forex Forecast: #GBPCHF Bullish

04.09.19 11:03 PM Comment(s) By Alan Posner

While I don't have a trade open yet on this pair that moment may be arriving soon.  The technical factors are:

1. The pair is trading above the LSMA and has had a pullback recently
2. The two-week selloff looks like it ended on 3/25 since the pair held the lower upward sloping trendline and has been moving higher this weeks as well.
3. The 1.3050 level is holding
4. The TSI's bearish cross is shallow and potentially temporary.  A bullish reversal looks possible in the near future.
5. On the Daily chart, the pair completed a bullish descending wedge, and momentum was strong on the breakout.  The return testing the 1.3050 area was solid.

In order to place a trade, I need to see more bullish price action.  At the time of this post, this week's candle is a Doji Japanese candle.  I need to see a more bullish candle from here to get behind this trade.  If price fails here and falls to 1.28 price from there should go much lower but I think this is unlikely.  Much of this price action depends on the Brexit news flow as well.

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