GBPCHF top-down analysis

2020年5月20日

on DAILY: GBPCHF is sitting around a strong support zone in red so we will be looking for objective buy setups on lower timeframes.

Unless price breaks aggressively below our red zone, then a bearish movement till the all-time-low would be expected.

on H1: price formed an objective trendline in blue, and we have an inverse head and shoulders forming. we are waiting for the right shoulder to form and then buy after a candle close above our neckline.

or we are waiting for an objective break above our blue trendline to buy.

we also have divergence on MACD adding more confluence to our buy setup.

meanwhile, this pair is overall bearish.