GBPCHF - potential SHORT trade entry
hello traders:)
Higher time frames are trending bearish. The weekly is developing a bearish engulfing. If that were the closure in 3 days' time, it would be a new weekly low, which is a strong higher time frame indication of the selling power in the market. The daily has recently crossed all the moving averages and MA 20 stands as a strong moving resistance. On 1-hour bearish engulfing candlestick closure to confirm entry, we might expect a pullback to the previous area of resistance before a continuation move towards the downside. Hedge funds are selling off both currencies. CHF is currently at a 52-week low.
Higher time frames are trending bearish. The weekly is developing a bearish engulfing. If that were the closure in 3 days' time, it would be a new weekly low, which is a strong higher time frame indication of the selling power in the market. The daily has recently crossed all the moving averages and MA 20 stands as a strong moving resistance. On 1-hour bearish engulfing candlestick closure to confirm entry, we might expect a pullback to the previous area of resistance before a continuation move towards the downside. Hedge funds are selling off both currencies. CHF is currently at a 52-week low.
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