Happy Sunday to everyone. Last trading week has been tough because I'm almost break-even in all of my trades. Tomorrow we will start a new trading week, and I'm expecting a market gap on Monday.
Active Trades On Demo Account:
Just like the USD/JPY and all of the USD-based pairs, this pair shows positive behavior in the medium term. I had opened a buy position a few weeks ago and was targeting the resistance level of 88.46, but I had to give up and change my target to the resistance level after I realized that the price was moving within a wedge pattern in the H4 frame.
Now that the price has breached the upper side of the pattern, I have decided to open a new buy position, and this time I will be targeting the Fibonacci level of 89.50 (at 86.70).
Bitcoin reaches the 33,700 level, and there is strong support at this level. Fibonacci 50.0 level is available at this level. It will try to bounce back from this level. That's why I placed this buy entry in Bitcoin.
It seems that the GBP/CHF is trying to create a new support level at 1.27070, but it still has the hourly resistance level of 0.7164 to push the price down again. Also, it may be possible to test the engulfing pattern on the daily chart at 1.27890. This does not bother me because, in both cases, the price will be trading below the bearish trend line in the H4 frame.
By the way, I set the stop loss at 1.27800. It's a little bigger than my take profit, but I think that's the safest place for that.