GBP/CHF: higher but running into major resistance by Mary McNamara

I have arrived home to see that the GBP/CHF has given a new, but weak, TC signal off my 11 am 4 hr chart (it is school holidays here). This follows on from a recent bullish ‘Flag’ breakout on the daily chart time frame.

GBP/CHF 4 hr:

GBPCHF4hr

Traders need to be aware that this is a recent ‘double top’ region though and that major 1.55 resistance lies less than 100 pips above. The ‘double top’ here is at 1.543 and so a close above this would support this signal:

GBP/CHF daily: showing a recent ‘double top’ region at 1.543 after making what looks to me like a ‘Bull Flag’ breakout. A close and hold above this 1.543 would help to support the new TC signal.

GBPCHFdaily

The GBP/CHF is above the 4hr and daily Ichimoku Cloud and so this supports a long position.

Summary: I have taken a very small trade based on this TC signal and the previous ‘Bull Fag’ breakout. I probably should have waited for a close and hold above the 1.543 level though!

The post GBP/CHF: higher but running into major resistance. appeared first on www.forextell.com.

Leave a Reply