GBP/CHF - Short Term Bearish Scenario

Wait 5 sec.

GBP/CHF - Short Term Bearish ScenarioBritish Pound vs Swiss FrancICMARKETS:GBPCHFmarcomalgieri03On the 6-MONTH timeframe, it seems that the price is struggling to continue its downward move, suggesting that a retracement toward 1.13000 could occur in the long term. However, I do not believe the price is ready to move higher yet, so it would be better to wait for the close of the current yearly candle before drawing any conclusions. For now, on the WEEKLY timeframe, we can see strong bullish momentum, which could come to an end and lead to a bearish retracement over the next few weeks, especially considering that the latest 2-WEEK candle closed as a doji. The price could retrace at least toward the 1.08000 area, after which we will evaluate the possibility of another long-term bullish move. Over the next few days, we will monitor the price action on the DAILY and 3-DAY timeframes to assess this potential short setup.