Hello Fam!
Join me as look into one of my potential trades for this week. So this is GBPCHF (British Pound-Swiss Franc), one of my favorite currency pairs, as not only do you get the positive swap at you also have seen a major breakout out to the upside from the previous daily range, thus indicating a bullish Break of Structure (BOS).
CHART ANALYSIS:
From the chart, we can see that it has pulled back to one the demand levels in the premium section of its initial move, further indicating a strong potential of taking out the high of the current range at the 1.67 levels.
I think at this point, the demand levels underneath will continue to be a major floor. From the Daily, wwe see that the 50 day EMA is acting as a potentialsupport adding further confluence. So not only do we have a market memory there, but we also have the fact that the technical indicators are supporting this move.
TRADING STRATEGY:
So with that being the case, I'm looking at a Change-of-character and a retest on the 15M or 5M timeframe to go long. This approach allows us to confirm the bullish momentum on a lower timeframe and optimize our entry point.
Stay tuned for further updates and share your views in the comments below!
However, this is not a financial advise, ensure you do your own thorough analysis and with a very good risk management before risking youjr hard earned money on this potential trade.