Focusing on the GBPCHF daily chart for the start of this week’s trading, playing with the downward channel that is dominant on the daily chart of this pair
Last week, price rallied up to the channel top and on the Friday session, the market rejected and attempts to move higher past the channel top, closing as a bearish rejection candle signal. The rejection candle had a nice heavy bearish close and really communicates that the channel top is holding.
So it looks like the channel integrity is strong and we are anticipating the market is going to make another move down off the back of the bearish price action signal. A break of Friday’s low would be a nice confirmation that the market is responding to the signal and the bearish momentum is there.