GBPCHF has failed to sustain a breakout above 1.15! This level remains a strong yearly resistance to date.

Second Finlogix analysis today goes to the GBPCHF cross pair.

Last May 1’s long breakout trade plan has concluded in another loss:

https://www.finlogix.com/analysis/20240501/gbpchf-intraday-analysis-and-trading-plan-for-may-1-2024

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

Re-assessing GBPCHF’s high timeframe candles:

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

Monthly Candle: Last check is a Small Green Body now a Red Spinning Top

Weekly Candle: Previous close is a Doji current is Developing a Small Green Hammer

Daily Candle: Previous close is a Green Long Upper Shadow with a Small Body current is Developing a Green Hammer

For the first time in 5 months, GBPCHF pulled back in May after a strong rally that started in January this year.

The cross pair’s bulls were able to sustain above the 1.13 support level in the last 3 weeks.

A decent start of the intraweek even with a finished death cross move in the 4H and an incoming bear cross.

I think that the GBPCHF will start another rally upwards, at least targeting the newly formed bearish 4H FVG shown in the chart.

Still bullish on the yearly long-term basis. Nothing’s changed in overall price direction for now. We’ll see.

In my previous long trade plan, I have given 2 possible trade plans to choose which are either to wait for pullbacks or set a breakout long position.

The former happened but even so, I am still focusing on buying setups only.

It’s good to see the 4H bullish FVG holds up which is part of the breakaway gaps formed in the April 22 rally.

So we will have both 4H bearish and bullish FVG ranges to trade from.

I select to long the current price level targeting the 4H bearish FVG above while setting the stop loss below the 4H bullish FVG’s complete retracement only:

Let’s see if this trade finally ends my 4 loss streak.

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 May 13, 2024

May 13 2024

Take Profit +0.88%

Holding time 2d9hr

1.13499

Entry price

1.14501

Take profit price

1