GBP/CHF: 1-hour
Anybody up for a countertrend trade? GBP/CHF has been trading inside a descending channel on its 1-hour forex chart, indicating that a short-term downtrend is taking place. Price is testing the bottom of the channel for now and stochastic seems to be suggesting that support might hold, as the indicator is moving out of the oversold zone. A bounce from the channel support could lead a move back to the top of the channel near the 1.4700 major psychological mark. If you’d rather follow the trend, you could wait for an actual test of resistance to short this pair.
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