GBPCHF SHORT keeps the Southern
No change for the GBPCHF pair until this moment, to notice its frequent consolidation below the major resistance at 1.1285, which confirms the continuation of the previously suggested negativity, while the price reach to 1.1160 level now and fluctuating below the MA55 is considered as an initial key to resume the negative attack, which allows us to suggest moving towards 1.1085 followed by attempting to press on 1.1010 obstacle in order to find a way to resume the negative trades for the upcoming period.
The expected trading range for today is between 1.1200 and 1.1085
On the H4 chart, we could see that the price which is moving higher has broken above the most recent downtrend line and is holding above it. Also, we could see that the price which is moving higher has created higher highs based on the MACD indicator, which is a sign of gaining momentum towards the bullish side. We may consider these as other evidences of bullish pressure. In addition to this, the ADX indicator gave a bullish signal here at the cross of +DI (green line) versus -DI (red line) and the main signal line (silver line) reads value over 25, we may consider this as another evidence of bullish pressure. In addition to this, based on the Parabolic Sar we could see that the dots are below the price which we may consider as yet another evidence of bullish pressure. So based on all this, until the strong support zone shown in the image below(marked in green) holds my short-term view remains bullish here and I expect the price to move higher further after pullbacks
GBPCHF D1(Daily) Chart Analysis
Range, Parabolic Sar
GBPCHF H4(4 Hours) Chart Analysis
Downtrend Line Breakout, Higher Highs, ADX Indicator, Parabolic Sar
The expected trading range for today is between 1.1200 and 1.1085
On the H4 chart, we could see that the price which is moving higher has broken above the most recent downtrend line and is holding above it. Also, we could see that the price which is moving higher has created higher highs based on the MACD indicator, which is a sign of gaining momentum towards the bullish side. We may consider these as other evidences of bullish pressure. In addition to this, the ADX indicator gave a bullish signal here at the cross of +DI (green line) versus -DI (red line) and the main signal line (silver line) reads value over 25, we may consider this as another evidence of bullish pressure. In addition to this, based on the Parabolic Sar we could see that the dots are below the price which we may consider as yet another evidence of bullish pressure. So based on all this, until the strong support zone shown in the image below(marked in green) holds my short-term view remains bullish here and I expect the price to move higher further after pullbacks
GBPCHF D1(Daily) Chart Analysis
Range, Parabolic Sar
GBPCHF H4(4 Hours) Chart Analysis
Downtrend Line Breakout, Higher Highs, ADX Indicator, Parabolic Sar
Comment:
GOLD STRONG BUY , short term correction coming soon
BOE hiked its benchmark rate by 25 basis points in May after pausing in April, and the market is pricing in almost four rate hikes by the end of the year, taking the terminal rate to 5.41% from 4.50% currently. The next week bring UK jobs, GDP, and manufacturing output data ahead of the BOE meeting on June 22, which could stir things up a bit for GBP. Until then, the pound could be due for a breather after a spectacular run against some of its peers.