Sophia Todorova has a background in teaching and psychology, and as such relishes the idea of assisting new traders on their journey to Forex trading success. Technical Analysis is her passion. The charts speak, and she listens.
Gbpchf is today bouncing vigorously after having made an all-time low at 1.4979. The pair was pushed to that level after having rejected the down-sloping trendline, as well as a shelf of previous support at 1.5860s on the weekly time. Although the fact that a new low has been made is significant, the overall picture reflects a support at that level, at which we have the low of a bullish pin bar made in December, 2008, and also the more recent tweezer bottoms formed by repeated retests of that support zone back in October of this year. Therefore, it is my opinion that, unless there is a significant weekly close below the mentioned support, we cannot call it breached. In reference to the daily chart below, I am expecting a retest of the broken trendline at 1.5450s, at the very least. A close above that area could see the pair heading back to the weekly resistance at 1.6000. At that point, I would need to see a break above the weekly trendline to consider further targets at 1.6750, and 1.7050.
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