Hi Traders! GBPCHF short and mid term forecast is here. We do our analysis on the MetaTrader4 platform (MT4). Some very interesting, useful tips and hacks about the MT4 platform could be found here. If you would like to learn more about the way we trade and the technical analysis we use then check out the Home Trader Club Spoiler alert – free memberships are available!
GBPCHF H4(4 Hour) Chart Analysis – Bullish Trend Pattern, Key Resistance Zone, Bearish Divergence
On the H4 chart, the price which is moving higher has created a bullish trend pattern in the form of three higher highs, and higher lows, we may consider this as evidence of bullish pressure. Generally, after a bullish trend pattern, we may expect corrections and then potential continuation higher. In addition to this, the price reached a key resistance zone that has formed based on the 161.8%(1.13839) Fibonacci expansion level of the first wave and the 61.8%(1.14126) Fibonacci expansion level of the second wave. Also, we have a bearish divergence that has formed between the first high formed at 1.13736 and the second high formed at 1.14293 based on the MACD indicator which we may consider as evidence of bearish pressure. So based on all this, my short expectation is bearish and my mid term expectation is bullish here.
Trading Tips
It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this short-term sell and mid-term buy setup then you can use any setup and strategy that you have in your arsenal to look for bearish and bullish moves and join this sell-and-buy trade.
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Arvinth Akash
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