From investor to scalper is a cycle of analysis, where we take one financial instrument and the analysis includes a detailed look at the value from the monthly / weekly chart to the H1 / M15.
GBPCHF as a result of lasting from December 2015 declines in October last year once again found itself in the area of 1.1900, where in the entire history of the quotes of this instrument was only once (now for the second time).
There was a demand response in November, which indicated potential growth, but the rate continued to fluctuate around level of support around 1.19.
Looking at weekly chart we will notice that market since June last year is moving in a horizontal trend (in consolidation). Breaking out in either side can determine the future direction of the movement.
It is worth noting that although the lower limit of current consolidation is around 1.1900, the market has not been able to overcome the 1.2250 support for a long time. Once again there was a demand response.
As a result of the upswing, the market has already passed the downward trend line and the local resistance that we are currently testing. If this support is rejected, we could expect to see further growth.
However, looking at the 30-minute graph, we see that growth that have lasted over a few hours are definitely less dynamic than the morning declines, which may suggest that they are only a correction.
Error, group does not exist! Check your syntax! (ID: 4)
In this case, it may be possible to reject or overcome the local resistance of 1.2420 coinciding with the 38.2% Fibonacci correction from the last Friday drop.
