GBPCHF 4H & 1H time frame has a good amount of confluences between indicators and price, showing bearish divergence. We are at a pretty nice area of interest where previous price action has bounced off this resistance level of 1.31000 - 1.31700. 1.31000 - 1.31500 price level is an ideal area to short this pair to previous resistance turned support, which is around 1.28250. Be on the look out for a rejection or a reversal candle preferably on the 4H chart around these area for one last confirmation to enter this trade as I believe we may still be on the 5th wave of the Elliot wave theory.
Confluences: MACD, RSI & Stochastic are all showing bearish divergence on 1H & 4h TF with Daily TF currently overbought on Stoch & RSI and possible double top or double top incoming.
Confluences: MACD, RSI & Stochastic are all showing bearish divergence on 1H & 4h TF with Daily TF currently overbought on Stoch & RSI and possible double top or double top incoming.
Comment:
4HR candle rejected & closed back below resistance level
Comment:
4HR shows price has went back to retest the 1.31000 level and formed a double top
With a Daily close below this level, I believe we can potentially see price to start making lower highs on the 4HR time frame.
With a Daily close below this level, I believe we can potentially see price to start making lower highs on the 4HR time frame.
Comment:
A nice rejection & sell off on the 1HR and closed under the 100MA
Trade closed manually:
Happy with the results as of the moment