GBPCHF Ranging Market
This pair has just been accumulating for the past few years, with no intention of a bullish /bearish momentum. (1 Week)
Anyway, based on the daily pattern, there is a ranging pattern and the pair just re-bounded from the lower trendline and formed a bullish candlestick, which closed above the previous daily highest point.
Considering that it failed to break out of the structure, I anticipate that the bullish momentum will continue and the price might continue to retest the resistance zone at 1.16.
An analysis using a shorter timeframe will follow.
Anyway, based on the daily pattern, there is a ranging pattern and the pair just re-bounded from the lower trendline and formed a bullish candlestick, which closed above the previous daily highest point.
Considering that it failed to break out of the structure, I anticipate that the bullish momentum will continue and the price might continue to retest the resistance zone at 1.16.
An analysis using a shorter timeframe will follow.
Penafian
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