GBP/CHF 1H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
It is known that rectangles are formed in times of consolidation and after a double bottom pattern. In our case the pair is bounded between both trend lines and is fluctuating in a 100 pips range. As soon as the pair penetrates any of the trend lines, high volatility is expected. However, according to technical indicators GBP/CHF will consolidate for some time, however, indicators on a monthly chart are sending "sell" signal, suggesting in a longer term the continuation of the downtrend is likely. Moreover, market sentiment is strongly bearish, as 70% of traders are holding short positions. Therefore, the short term outlook is neutral, while in a longer perspective the pair is likely to fall.
© Dukascopy Bank SA
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