The GBPCHF has printed a new 2024 high surpassing last year’s with the help of a pivotal support during its bullish FVG’s retest from May 9 to 13.

To end my Finlogix analysis today, I’m updating a new one for the GBPCHF cross pair.

A back-to-back win after my May 16’s long trade plan has exited in another profit:

https://www.finlogix.com/analysis/20240516/gbpchf-intraday-analysis-and-trading-plan-for-may-14-2024

Please take note that I have used a wrong date title and URL here should be May 16. Pardon for the inconvenience!

A new overall record of 2 wins and 4 losses.

There are 5 upcoming major impact data releases for the United Kingdom this week while none for Switzerland.

Re-assessing GBPCHF’s high timeframe candles:

Yearly Candle: Still a Green Body since last check

Monthly Candle: Last check is a Red Spinning Top now a Green Long Lower Shadow

Weekly Candle: Previous close is a Green Body with a Slightly Longer Tail Wick current is Developing a Green Spinning Top

Daily Candle: Previous close is a Green Body with a Longer Tail Wick current is Developing a Green Spinning Top

There’s only 1 catalyst that sent the GBPCHF to a new 2024 record, the rounding bottom found inside the 4H bullish FVG indicated in the chart above.

This pivotal support has helped in creating an internal higher low trendline that further sent the price higher to the overall and bigger mid-term higher high trendline!

We can also observe that the May 1’s top has back-tested into a nearby support.

There’s an aggressive up wave happening now and if the HH resistance line gets broken, there may be a further breakout!

To be honest, I’m tempted to short the current price levels when it’s hovering just a little below the HH trendline.

But the bulls are completely controlling and this up wave may not be done just yet.

If I wait for the 1.15 or 1.14 upper sub levels to be re-visited, chances are high for the price to go higher breaking the day’s high!

I like to FOMO right now targeting a breakout trade towards the 1.618 fib extension level based on the pivotal support area to intraday’s high.

This time I lay out the bigger picture that is happening in GBPCHF, an expanding triangle that is very volatile.

Let’s see how this new long 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.

GBPCHF Intraday Analysis and Trading Plan For May 16, 2024

May 20 2024

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