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 or lower.
GBPCHF as a result of lasting from December 2015 falls, in October last year was once again in the area of 1.1900, where in the entire history of the exchange rate of this instrument was only twice (now for the third time).
In November, we observed a strong demand response that could indicate potential growth in the near future.
Looking at weekly chart we will notice that since June last year the market is moving within smaller consolidation, whose upper bound is the supply zone at 1.3020. It is only after defeating this resistance that it could change the general attitude of the market to bullish.
Looking at the daily chart, we note that as a result of Tuesday’s rises caused by the statement of Theresa May, who presented the plan of early election, the market hit the top of the long-term triangle formation.
We are currently testing local resistance, which could open way for further gains even near 1.3160.
On the 4-hour chart, however, we will see that even if a downward correction occurs in the near term, its potential range could be around 1.2640 and rejection of which could open the way to a rebound.
Looking at the H1 chart, we note that the market is re-testing now local resistance, around which the first supply reaction has already appeared. A permanent rejection of this level could open the way to further decline.
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