GBP/CHF Daily Price Forecast – 17th March 2020
GBPCHF has been bearish on the daily chart. The pair produced a bearish candle yesterday as well. The price has had a bounce at a level and has been heading towards the North to search for resistance. If the chart produces a bearish reversal candle upon finding its resistance, the sellers may go short below yesterday’s lowest low. Let us have a look at the H4 GBPCHF chart.
This trade idea was generated by our powerful Elite Swing Trader System on an H4 time frame.
The chart shows that it made a strong bearish move and found its support at the level of 1.15530. It has been heading towards the North slowly, which suggests that the sellers still hold the key. If the price goes towards the level of 1.16660 and the level produces a bearish reversal candle, the sellers may go short below the level of 1.15530 to grab some green pips. Let us have a look at the summary of the trade
- Sell Limit: 1.17641
- Stop Loss: 1.19217
- Take Profit: 1.15826
The daily and the H4 chart look extremely bearish. Thus, even the price makes a bullish breakout at the level of 1.16660, the traders may not consider going long on the pair. Until it produces a strong daily bullish reversal candle, the H4 and the H1 traders may only consider going short on the pair. If the daily chart remains bearish for four more days, the weekly candle would come out as a bearish candle. This would make the pair remain bearish for even some weeks. Let us eagerly wait to find out how this weekly candle closes.
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