The 1.15 level remains a strong resistance after a twice rejection in April sending GBPCHF to a new price correction.

To start today’s Finlogix analyses, I am including the GBPCHF in my growing cross pairs list.

There are 2 British major impact data releases that have been released yesterday while there is none for Switzerland.

Assessing GBPCHF’s high timeframe candles:

Yearly Candle: Current is a Green Body with a Longer Head Wick

Monthly Candle: Previous close is a Green Body with a Longer Head Wick current is a Red Semi Doji

Weekly Candle: Previous close is a Red Body with a Longer Tail Wick current is a Green Body with a Longer Tail Wick

Daily Candle: Yesterday close is a Green Body current is Developing a Small Green Doji

The GBPCHF has rebounded strongly after a 2 year slump.

After 3 consecutive green month candles, the cross pair has finally hit its new summit and come up short below the 1.15 level resistance.

The current monthly candle is already forming a red semi doji which suggests that both price correction and sideways action can happen.

During the first 2 weeks in April, price has been halted from continuing going higher giving the sellers some selling opportunity creating a new local low on Friday.

This new swing low in return has offered new buy positions sending the cross pair higher again.

Intraday candle threatens to expand thus giving a possibility for a new bullish FVG creation that might re-test the April highs.

Buyers seem able to regain the 1.1320 to 1.1360 range after last week’s drop.

Even if there's a 4H FVG supporting a bullish instance for the cross pair, I will still short it since it’s in a correction down wave now after the 1.15 rejection.

Here’s my simple sell orders entering at the current reclaimed range with a stop loss at April 15 swing high order block and a quick take profit target at the new 4H FVG’s retracement:

This will be a quick short trade if it gets triggered!

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

GBPCHF Intraday Analysis and Trading Plan For April 24, 2024

Apr 24 2024

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