Intraday Market Analysis: Trending with GBPCHF

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GBPCHF Intraday Strategy

As we have updated all our traders, GBP was left vulnerable in the Forex market following the Bank of England (BOE) statement that warned against the UK exiting the EU in the upcoming referendum in June, 2016.  After studying GBPCHF on the 4hr chart it appears multiple trades based on the upcoming trend of the currency pair.

GBPCHF 4hr Chart

Please click on the chart to enlarge:

GBPCHF 4hr Chart 03/04/16

GBPCHF 4hr Chart 03/04/16

It appears the downtrend was established at mid March as the price continued to paint lower highs and lower lows, which is a distinct sign of an established downtrend. The last leg lower may have tested the lower support (lower black line) and may suggest GBPCHF is due for a brief recovery. However, the possibility of a re-test cannot be overruled. While some traders may be comfortable for initiating a long trade in GBPCHF, the key level appears to be at 1.3724. If the price re-tests 1.3724 and is unable to close above at the 4hr close it may indicate the bulls have run out of steam and the bearish pressure is expected to resume towards the lower support. A successful break above 1.3724 may suggest a deeper retracement is expected, targeting 1.3845 initially,

If the price re-tests the lower support without testing 1.3724 the required stop will be substantially reduced. In order to perfect the entry in such a scenario the hourly chart may be used to concrete the entry. The Construction PMI that is due on Monday at 08:30am GMT is likely to be the initial trigger for GBPCHF upcoming trend in the market.

04/04/16 UPDATE: GBPCHF recovery has began in today’s session. The price is edging closer to the key 1.3724 as presented in the intraday strategy.

Please click on the chart to enlarge:

GBPCHF 4hr Chart 04/04/16

GBPCHF 4hr Chart 04/04/16

 04/04/16 UPDATE II: GPCHF was approximately +9 pips off the key resistance at the 4hr close. Soon after the selling pressure we have anticipated took place.

Please click on the chart to enlarge:

GBPCHF 4hr Chart II 04/04/16

GBPCHF 4hr Chart II 04/04/16

The intraday strategy is no longer applicable as entries were already provided. The intraday strategy is still available to members only.

05/04/16 UPDATE: GBPCHF recovery was brief as anticipated in our intraday strategy.

Please click on the chart to enlarge:

GBPCHF 4hr Chart II 05/04/16

GBPCHF 4hr Chart II 05/04/16

The intraday strategy can now be accessed by all traders.

As GBPCHF trading strategy is no longer applicable this page can now be accessed by all traders. We have been providing trade alerts in the Forex market since May 2014.

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