From Investor to Scalper – series of studies created in cooperation with broker BDSwiss, in which we take a financial instrument and the analysis includes a detailed look at the value from the monthly chart and ending with H1/M30.
GBPCHF due to ongoing from December 2015 declines in October last year once again found itself in the vicinity of level 1.1900, where in whole history of trading, price of the pair was only twice (now the third time).
In November, we saw strong demand response which could indicate potential growth but from December again we see declines.
Looking at the weekly chart we see that from June last year market moves inside smaller consolidation where the upper limit is the supply zone around level 1.3020.
This analysis was performed on the platform Broker BDSwiss that offers levers to 1: 500 and low spreads.
On daily chart we see that market for more than eight months creates a triangle formation. Given the recent rejection of the upper limit of the formation, in near future we can expect continuation of declines and retest of the bullish trend line.
Looking at the H4 chart we see that a bearish scenario could be implemented, we would have first overcome local support 1.2345, around which we currently find ourselves. If, however, this level was rejected, potential increases could test again the downtrend line.
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On the 30-minute chart, we see that the market is moving from few hours to north. Taking into account the difference between the dynamics of the earlier declines and the current increases, it seems that this is only a correction, which in near future should test downtrend line. Rejection of this resistance could be a signal to declines.
Use analysis to invest at the Broker BDSwiss, where at the time of the creation of the analysis spread on pair GBPCHF was only 2.8 pips.
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