Hi Traders! We have GBPCHF bullish opportunity forming at the moment. A detailed analysis of this buy setup is as follows:
GBPCHF W1 Chart:
On the weekly chart the price has created a bullish divergence and then the price moved higher creating higher highs, thus forming a classical setup of bullish divergence followed by bullish convergence. Hence as per the book scenario we may now look for corrections and then continuation to the upside.
GBPCHF H4 Chart:
On the H4 chart currently it looks like the pullback that we were looking for is happening. In addition to this we also have bullish hidden divergence that has formed which we may consider as an evidence of bullish pressure. We may now look for more evidences of bullish pressure on lower timeframes and then start looking for buys.
GBPCHF H1 Chart:
On the H1 chart we have two possible scenarios, which are as follows:
The price is holding above the 61.8 fibo zone, in addition to this we also have bullish divergence, which we may consider as an evidence of bullish pressure. Hence we may now look for bullish setup from the current level or the next level lower (as marked in scenario 2).
Alternatively if the price breaks below the 61.8 zone, we may then expect one more push lower towards the critical zone formed by the 100 fibo level and the uptrend line. Once the price reaches this zone, we may then look for evidences of bullish pressure and then start looking for buys.If you want to learn how to do such analysis yourself, if you are looking for a professional team of traders and one of the best online trading communities, If you are looking for enormous archive of Webinars, Trading Tools, Trading Strategies, Books, Indicators, Expert Advisors and much much more, join my traders academy club for only $97 PER YEAR.
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