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GBPCHF – The pair from mid-April this year moved in a bearish channel, which resistance and support were fairly well respected. At the end of September, the resistance of the channel was broken and the price moved quite dynamically north. The last session of the last week ended with a bearish candle covering the preceding one creating Outside Bar formations (bearish engulfing), which usually results in a correction during the upward movement.
On the enlarged chart day after day, two formations Price Action were created – Inside Bar created on Thursday and above mentioned Outside Bar.
The Friday candle slightly broke out of the IB, but the quotes returned to the interior of the formation, signalling that it could be a falsey.
Taking into account this combination of formations, a lot shows that it is a preview of possible falls. It is worth looking at the development of the situation on this pair and in the case of a successful IB test from below and the appearance of a maximum on the MACD try to go short where the upper limit IB can serve as a level for SL.
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Forex Technical analysis and chart talk, weekly set ups, support and resistant points. Technical analysis is the skill needed to interpret chart behavior to make rational speculation on price movement. It involves trend following momentum indicators and chart patterns.