Recommendation: BUY
Current Trend: Short-term sideways. Med and long-term up.
Strategy: Buy at current levels/ add to on a further breakout above line 2.
TRADE SUMMARY
- The Pound/Swiss (GBPCHF) is forming a potential inverse head and shoulders in the short-term (labelled S-H-S?).
- Right now, it is moving up off support at its 50-day moving ave and line 1 (1.3020), and giving a bullish reversal candle today so far.
- Buy it at current levels. (It’s currently trading around 1.3097).
- While one can take partial profits at line 2 (1.3165-1.3180), one should look to add to the position again on a close above line 2 i.e. above 1.3200.
- Such a breakout will point to 1.3360 as a minimum target, based on the inverse head and shoulders.
- Initial stop-loss is a close below line 1 (below 1.3025). Once it closes above line 2, move that stop up to below 1.3110.
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