GBP/CHF Analysis

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GBP/CHF in recent weeks, has been experienced many reformation with a gradual Downtrend that Sellers Down price increases obtained the lowest price of 1.44662.it is obvious in the picture below, the price by reaching to the ascending trend line made of 2 Bottom prices has been stopped from more descending(sellers used this level to leave their trades) and the buyers are hopeful about ascending of price from this supportive level.Right now price is above 5-day moving Daily and h4 time frames that show an uptrend during the next candles.
As it is obvious in the picture below, there is a harmonic Gartley pattern between the Top price of 1.51213 and the Bottom price of 1.44662 that there is a potential for changing price direction from D point of this pattern. Stoch indicator is in saturation sell area that confirms the current bottom price and warns about ascending of price during the next candles.In case of ascending of the price, one of the buyers target will be the drawn Down Trendline .Generally until the price level of 1.44662 is preserved, price will have the potential for reformation and ascending.

 

[Valued]

Re: gbpchf analysis

I think you're looking at it too technically.

I look at the chart like this, keeping in mind I only have 6 months of history right now and I have no tick volume data:

It looks like we are in a long term trading range. We have come down to retest the bottoms we saw in October and November. We did not make it down that far showing supply isn't as strong as at this previous points in October and December. We are in a consolidation after quite a rapid down move. The consolidation is unclear. We see three candles which show us a thrusting up of the price and coming back down. This indicates there is supply in the market stopping a move upwards in the short term. I choose to stay out of the pairing and wait to see what happens. I would find a gap up or a solid move past the up-thrusts to be quite strong. If it went back down again I probably wouldn't short though since it's quite close to the next point of support anyway.

I am not that experienced in forex but that's how I would view the situation. If I had volume data I would be looking more deeply on what is going on in the consolidation like I would do for futures and stocks.

 

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Re: gbpchf analysis

GBP/CHF since 2014.03.17 till now was in a uptrend that Buyers were successful in achieving the highest price of 1.53000. Right now in long term time frames such as monthly and weekly, price is closed above 5-day moving average that shows a consistent uptrend and more ascending in long period of time. Price has been stopped from more ascending with reaching to the resistance edge of up channel technical pattern and also the resistance round level of 1.53000(Buyers use this lever to exit their trades) and starts to descend. As it is obvious in the picture below, there is an AB=CD harmonic pattern between the bottom price of 1.47799 and the top price of 1.53000 with ideal ratios of 0.382 to 2.24 that warns about descending of price from the D point of this pattern.

Currently in 4H time frame with formation of Shooting star (the failure of buyers in reaching to the higher prices) and Engulfing candlestick pattern, price has been stopped from more ascending and there is a possibility of formation of a top price and finally descending of the price. Stoch indicator in 4H time frame is in saturation buy area and with the next cycle warns about descending of price during the next candles. Currently the first important warning for descending of price is breaking of the support level of 1.52387. Generally until the mentioned top price is preserved, there is the potential for uptrend reformation.

Technical Analysis of GBP/CHF dated 2014.06.16

 

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Re: gbpchf analysis

(GBPCHF)Price since the end of 2013 till now was in strong and consistent uptrend with a little price reformation and buyers were successful in achieving the highest price of 1.55441 .Price has formed a top price with reaching to the specified support levels in the picture below and it has stopped from more ascend and has started a little descend with shows exit of some buyers from their trades.In weekly time frame with formation of Evening star candlestick pattern in previous candles, there is a warning for formation of a top price and vulnerability of uptrend.

As it is obvious in the picture below, there is AB=CD harmonic pattern with ratios of 61.8 and 161.8 between top price of 1.55441 and the bottom price of 1.40389 that warns about changing price direction from the D point of this pattern. Stoch indicator is in saturation sell area follows the top price of 1.55441 and warns the possibility of descend during the next candles. Generally according to the technical signs in the price chart until the mentioned Resistance levels are preserved, the price has the potential to decrease and descend.

 

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GBP/JPY with formation of the top price of 184.996 has started to descend and Sellers were successful in achieving the lower price of 180.185.Currently price in weekly , daily and H4 time frames is under 5-day moving average that shows a consistent descending trend with the potential of more downfalls in long period of time.

Price is going toward the support level of 180.000 (the important psychic level of Sellers) and there is not any clear reason of buy signal in long term time frames such as weekly and daily.As it is obvious in the picture below, according to the formed movements in H4 time frame, there is AB=CD harmonic pattern that the D (formation of a bottom price) point of this pattern is the first warning for a price Increase.