GBPCHF double bottom underway?

janey001 · April 26, 2021, 9:43pm

Screenshot_20210426-194600

Looking at the 1Day chart on GBPCHF,a double bottom formation seems underway.
Ofcourse there are variables included like CHF being stronger than GBP right now but considering that too, CHF might be taking a breather soon.

A clear close above today’s candle could validate the set-up which would also make the second bottom a higher low and another close above the neckline could see it rally to .29/.30 if not beyond it… let’s see what happens.

FOREXunlimited · April 27, 2021, 2:28pm

FYI- that is not a technically sound double bottom. It is a low, followed by a higher low.

janey001 · April 27, 2021, 3:27pm

I feel nothing is 100% sound in forex… I’ve monitored tops and bottoms form this way.

Thanks for the drop-in.

FOREXunlimited · April 27, 2021, 5:18pm

Roger. Good luck out there.

roosevelthiggins · May 25, 2021, 9:25am

Your chart shows a bearish trend. On one hand you have the premium currency (GBP) and on the other , you have the safe haven currency, the swiss franc (chf)! Overall, it is a pair with a low volatility.