GBP/CHF Price Analysis: Bears putting up a fight as bulls target fresh highs
- GBP/CHF on the move in a battle between the bulls and the bears.
- The cross is in a phase of consolidation and a choppy sideways formation.
GBP/CHF is in the hands of the bulls but the bears are putting up strong resistance.
The following is an analysis of the hourly and 15-min chart’s market structure and bullish and bearish scenarios.
GBP/CHF hourly chart
The hourly chart is offering a bullish prospect from which bulls could be looking to engage from support and target a higher high for the closing sessions of the week.
GBP/CHF 15-min chart
The reverse head and shoulders on the 15-min time frame is a bullish chart pattern which adds further conviction to the upside bias.
However, the retest is proving to be uncomfortably deep, so a break of the RHS’s lows will likely equate to a retest of the lows of the correction in a sideward consolidation.
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July 22, 2021 at 06:14PM