Is GBPCHF about to Break out of the demand zone?

章节 15 Is GBPCHF about to Break out of the demand zone?

12/03/2023

Summary
The Unemployment Rate expectation in the UK leads the market

Fundamental analysis
Fundamentally on this pair GBPCHF, we have news coming on Tuesday in the economic calendar regarding the unemployment rate for the United Kingdom with negative expectations to increase the rate to 3.8% worse than the Previous result of 3.7%, On the other hand, we don't have any important news on the CHF.

United Kingdom ILO Unemployment Rate

Previous 3.7%
Expected 3.8%

Is GBPCHF about to Break out of the demand zone? -第1张图

Technical analysis
In this 4-hour diagram chart, the market price now is 1.10842, we expect the market to push up the price to the previous supply zone at 1.12000 then we expect the price to push down to the oldest demand zone at 1.10000 It is also at the bottom of this down channel with 20/200 moving average pointing down.

Trading Recommendation

Trading Direction: Short
Entry Price:1.11817
Target Price:1.10077
Stop Loss: 1.12812

Is GBPCHF about to Break out of the demand zone? -第2张图