By Admiral Markets
The GBP/CHF has formed head and shoulders pattern (Bearish SHS) with a clear double bottom at 1.2441. Bearish SHS could breakout below at 1.2440 aiming for D L5/ W L4 confluence 1.2415 and 1.2383. If the pair retraces to POC (top of the right shoulder, D H3, ATR pivot) 1.2515-30 we might see a rejection towards above mentioned targets. So traders should pay attention to POC rejection or breakout below 1.2440.
D H3 – Daily Camarilla Pivot (Daily Resistance)
POC – Point Of Confluence (The zone where we expect price to react – aka entry zone)
W L4 – Weekly L3 Camarilla (Very Strong Weekly Support)
D L4- Daily L4 Camarilla ( Very Strong Daily Support)
Free Reports:
Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
D L5- Daily L4 Camarilla ( Strongest Daily Support)
Follow @TarantulaFX on twitter for latest market updates
Article by Admiral Markets
Source: GBP/CHF Beware of Head and Shoulders at 1.2440
Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.
