GBPCHF out of a 5-week congestion period!
GBPCHF seems to have the necessary strength to get out of a 5-week congestion phase. that is quite unusual for such a volatile currency pair.
Buyers seem to push the price higher, already attempting once to break the resistance formed by the sideways trend. Bad news is that the price is currently also forming lower highs, showing a very tight pennant on the chart.
In this case, we need to have a second confirmation by buyers, so we will wait for a stronger action that would push the price out of the long term sideways trend and the short term pennant.
Buyers seem to push the price higher, already attempting once to break the resistance formed by the sideways trend. Bad news is that the price is currently also forming lower highs, showing a very tight pennant on the chart.
In this case, we need to have a second confirmation by buyers, so we will wait for a stronger action that would push the price out of the long term sideways trend and the short term pennant.
Trade closed: stop reached
Find out more at www.itstradingtime.com/