GBPCHF Analysis 09/05/2023
BRITISH POUND / SWISS FRANC H4 Time Frame
Major Trend = Ranging
Minor Trend = Downtrend
Nearest Support Area = 1.10385-1.10800
Nearest Resistance Area = 1.13155-1.13570
Overall Bias = Short
Short Term Target = 1.11030-1.11235
Ideal Target = 1.10385-1.10800
Invalidation Level = 1.14170
Notes :
GBPCHF seems to be making a big triangle pattern since October last year with price stuck between 1.10000 and 1.15000 for quite a long time. On its H4 time frame we can see that price has made another rejection off its upper triangle trendline and its EMA cluster area.
Our 1st Main And "Ideal" Scenario is the black paths where price will continue its correction to around 1.10385-1.10800 and possibly even breaking down from its triangle pattern with a lower price target of 1.07000-1.08000. This scenario will still be valid unless price breaks above 1.14170.
Our 2nd "Worst Case" Scenario is the red paths where price will end up breaking out & confirming its triangle pattern to the upside with an ideal target around 1.15140-1.15550.
Major Trend = Ranging
Minor Trend = Downtrend
Nearest Support Area = 1.10385-1.10800
Nearest Resistance Area = 1.13155-1.13570
Overall Bias = Short
Short Term Target = 1.11030-1.11235
Ideal Target = 1.10385-1.10800
Invalidation Level = 1.14170
Notes :
GBPCHF seems to be making a big triangle pattern since October last year with price stuck between 1.10000 and 1.15000 for quite a long time. On its H4 time frame we can see that price has made another rejection off its upper triangle trendline and its EMA cluster area.
Our 1st Main And "Ideal" Scenario is the black paths where price will continue its correction to around 1.10385-1.10800 and possibly even breaking down from its triangle pattern with a lower price target of 1.07000-1.08000. This scenario will still be valid unless price breaks above 1.14170.
Our 2nd "Worst Case" Scenario is the red paths where price will end up breaking out & confirming its triangle pattern to the upside with an ideal target around 1.15140-1.15550.
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