GBPCHF (POUND SWISS) MARKET ANALYSIS

 Good afternoon traders, I hope you're all doing well this new month of November which brings with it more opportunities to become better at what we do best. Into the markets this week and new month, I have been looking at GBPCHF and US30 where I'll share my US30 analysis on the next post but for now lets dive into the GBPCHF chart and see wassup. On 1st of November (Tuesday), price rallied to a key supply level on H4 & the daily chart at 1.15623 & 1.14824 which is the origin of the previous drop to 1.02410. Price filled the major H4 & daily range from supply to demand at 1.04192 & 1.02262 and back to supply. Price rallied into supply and faked a break of supply on H1, formed rejection wick and candle close inside supply followed by a drop to 1.14620, the 1st H1 low. Price rallied back inside supply for a retest before a continuation of the drop. Took sell entries during London session at 1.15208 with SL at 1.15500 as price missed my pending sell limit orders at 1.15370. Setup taken is a drop base drop, a continuation setup and my target is at 1.12150, the 1st H1 & H4 range.

Price gained more momentum and dropped 70 pips to 1.14510 in 3 strong bearish candles showing strong bearish pressure and more potential to the downside. Price dropped 74 pips to the next H1 low and demand at 1.14455 & 1.14292, failed to break demand and reversed rallying to 1.14975. However price also failed to break the previous H1 lower high and instead dropped back into demand hence filling the 1st H1 minor range from supply to the H1 demand and back. Price still hadn't broken demand yet but I anticipated more bearish momentum to kick in during the FOMC release that happened last night during late NY session.
Price formed a liquidity grab to the previous H1 high at 1.14820, left a strong rejection wick on H1 followed by a drop that broke the H1 demand confirming a shift in market structure to bearish. Price dropped to 1.14020, rallied to retest the broken H1 demand as new supply before a continuation of the drop as price dropped 140 pips to the next H1 low at 1.13820 and still showing more bearish potential. I anticipate a continuation of the drop as I expect price to fill the H1 & H4 range back to 1.12150 which is the origin of the previous rally to supply.

Price dropped 230 pips to a H1 low at 1.12901 then slightly retraced to the previous H1 high at 1.13448, failed to break it and instead formed a strong rejection wick followed by a strong H1 bearish engulfing candle showing potential continuation of the drop as previously anticipated to the next H1 low at 1.12230 which is my new target for the shorts as that is the origin of the previous rally to the major H1 & H4 supply zone at 1.15623 & 1.15202.