Bullish Setup On GBPCHF
FХ Strategist & Financial Commentator
During yesterday’s session by the way, the Pound has showed a first bounce forming a marubozu candle with a daily closure around 1.1830 area.
Looking at the RSI indicator, we can detect a bullish setup that combined with the test of the important support area around 1.1750 should anticipate a further rise of this pair. On the other hand, the Average True Range, after the comeback towards its typical values, is currently rising and this element is a further confirmation of a next rise of the pound, at least for the short term.
The bullish setup would be activated in case of a comeback towards 1.1950 area above the tops of the last 3 sessions, with a stop loss to place at 1.1700 below yesterday’s bottom. While the target price could be expected at 1.2200 around the double top set in the end of April.
As always I recommend to trade carefully and to plan at best every move. Don’t forget to subscribe to NBHM YouTube Channel to stay up to date with the financial markets! Have a good trading and see you for the next video.