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GBP/CHF is Up But Up Against Multiple Resistances

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GBP/CHF is Up But Up Against Multiple Resistances

Postby Himanshu » Thu Oct 22, 2015 11:44 am

GBP/CHF has recently indicated some bullish character during the ongoing sideways moves. However the current price action is near multiple resistances. The current price is 1.4892 with the high of the daily candle as 1.4909. So let's see what all we have here.

Resistance #1 is the psychological resistance of 1.5000 which started as soon as the pair tried to poke into 1.4900 ranges.

Let's have a look on the daily chart with Ichimoku cloud:

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Though there was a WEAK bullish signal when Tenkan line crossed over Kijun line (http://www.forexabode.com/forex-school/technical-indicators/ichimoku-cloud/) but the price is finding resistance close to the 3rd level of resistance i.e. the lower edge of the cloud.

Let's check the overall picture on the weekly chart:

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The price is up against the previous support line of the ascending channel and this line may very well continue to act as resistance after the breakout which took place over 3 weeks before.

For the shorter-term picture, here is the 4-hourly chart:

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As we see that there was a break of the short-term ascending channel but the price is now near the resistance zone which had proved to be critical previously.

Well, all these resistances would keep us in check for any long position and would keep our focus mildly on the downside.
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Himanshu
 
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Re: GBP/CHF is Up But Up Against Multiple Resistances

Postby Himanshu » Thu Oct 22, 2015 11:11 pm

GBP/CHF broke above the mentioned resistance quite strongly but is now near the resistance of the upper edge of the cloud.

The important point to be noticed is that resistance coincides with the psychological resistance of 1.5000. Take a look on the following daily chart:

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Himanshu
 
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