Bearish Bias on Gbp/Chf

5. Apr. 2020

Price approached an area of value on daily time after some bullish runs without a proper pullback, price closed below the resistance followed by a bearish candle after friday market closed just below the 50EMA. Going down to a lower time frame, price broke out of the rising wedge after series of bearish candle in 4H time frame. Following the lower low created on rsi in 4H time frame, will wait for 61.8 pullback of the entire bearish move before looking for an entry with Stop loss just above the resistance and the first take profit at the most recent low, and 2nd take profit at the next support if daily price close below the inital tp level.