GBP/CHF Beware of Head and Shoulders at 1.2440

April 4, 2017

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)

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D L5- Daily L4 Camarilla ( Strongest Daily Support)

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Article by Admiral Markets

Source: GBP/CHF Beware of Head and Shoulders at 1.2440

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