GBP/CHF:
Date: 2 December, 2016
D1 Graph: Short Trend
The price found a support at 1.19500 and started moving up. After forming a narrow bullish channel the price action looks very anemic. At the moment price stopped its raise at a level of horizontal resistance and Fib level of 38,2%. Here we may expect a possible end of the correction and a new leg down.
Price Action: Pin bar at a strong level of horizontal and diagonal resistance - possible signal for short.
Alternative scenario: If the price continue moving up and breaks above the Pin Bar and above the diagonal resistance, this will cancel this scenario
Technical Indicator:
DEM(14) - Close to the overbought zone
Price for Entry short around:1.27500
SL: 1.28500
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