GBPCHF has successfully broken its April 4 and 11 internal resistances and is getting ready for 1.15 breakout.

To start today’s Finlogix analyses, I’m sharing a new one for the GBPCHF cross pair.

Last Monday’s short trade plan has concluded in another loss:

https://www.finlogix.com/analysis/20240429/gbpchf-intraday-analysis-and-trading-plan-for-april-29-2024

There is one upcoming major impact data release for Switzerland on Thursday while none in the United Kingdom.

Re-assessing GBPCHF’s high timeframe candles:

Yearly Candle: Still a Green Body since last check but with a Longer Tail Wick

Monthly Candle: Previous close is a Green Long Lower Shadow current is developing a Small Green Body 

Weekly Candle: Last check is a Green Evening Doji Star now a Green Body

Daily Candle: Both yesterday close and current are in Green Body

With a pretty good April close, the GBPCHF is looking to extend its yearly bullishness this May’s opening.

Intraday’s swing high has almost hit the key 1.15 resistance level and a good indication for a continued upward price trajectory.

The weekly candle has nullified a bearish scenario after buyers have convincingly cleared the immediate highs last week at 1.1430-40 levels.

This bullish move has led GBPCHF to a new 45-week high since June 19, 2023.

April 15’s order block has been flipped into a support from a resistance that played a vital role to help GBPCHF’s road to clear the 1.15 resistance.

According to the 4H chart, GBPCHF is hinting for double bullish moves through a silver and golden crossing of its SMAs.

Based on the recent price actions that took place this mid-week, there are only 2 possible trade plans to choose.

Either to wait for pullbacks or set a breakout long position. All focusing on buying setups only.

Since GPBCHF is still cooling off and getting ready for a potential 1.15 breakout, I choose to long the pullbacks with the following orders:

I’m targeting the 1.16 levels to take profit while setting the stop loss back at 1.14 levels in case my idea of 1.15 breakout backfires.

Let’s see how this swing trade plan goes and good luck.

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

Copy trading and trading directly involve risks.