Attached is the chart of GBPCHF. As suggested yesterday, GC had broken very strong resistance at 1.70. Once a resistance is broken, it becomes weak and so the break of it again over the next few hours is very easy. So even though , GC, after the break of 1.70 went down 1.6935, it had strong support there. As can be seen, there was strong accumulation at around 1.6935. This is confirmed by the fact that all down bars around this price were met with high volume which showed buying.
So after accumulation at support. GC made a huge move up , broke the resistance again and thus far has managed to go upto more than 1.71. I expect it to move some more and get close to 1.73. Else if it does break 1.6935, we will be going down a lot.
Hi Karthik
ReplyDeleteI think you do a great job.I was trying to find a site on the Murray Math indicator and I came across your site.As regards pound Swissy I just could not go long this pair even when I saw it breaking resistance I want to short it but right now cable is too strong I think I may have too wait till 1.74..knowing my luck the SNB will probably release another memo about devaluing their currency again right at that time I am going short !!i could not believe that down move on the USD CHF the other day but I guess it is a good buying opportunity if only it gets above that 1.1466 level 38.2 fib from that March 11 high.