GBPCHF (POUND SWISS) MARKET ANALYSIS

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Good afternoon traders, it's another day in the financial markets with many opportunities presenting themselves as the markets never lack opportunities. I hope you're all good and taking advantage of the liquidity and volatility in the markets this week as banks will start going for holidays as from next week meaning the markets will lack volatility. Today I'm looking at GBPCHF and NZDCAD which I'll write about on my next post. Into the GBPCHF market, price rallied to a key supply zone on the H4 & daily chart at 1.15700 & 1.15160 which is the origin of the previous drop to the major H4 & daily demand zone at 1.10747 & 1.09580. Price has filled the major H4 & daily range from the key H4 & daily supply to the H4 & daily demand zone and back to the H4 & daily supply. Price rallied into supply and formed a strong rejection wick with candle closes below supply followed by a slight drop away from supply in form of a H4 bearish engulfing candle.
Took sell entries during London session at 1.14770 with SL at 1.15180 and pending sell limit orders at 1.15160 with SL at 1.15560. Setup taken is a rally base drop, a reversal setup and my 1st target is at the next H4 low at 1.13000.









Price slightly consolidated at supply leaving behind strong rejection wicks to the upside on H1 & forming a minor BOS at 1.15000 & 1.14800 before gaining bearish momentum. Price gained momentum during NY session and dropped by a strong push away from supply in all bearish candles on H1 taking out the H1 low at1.14130 and formed a lower low at 1.13240 confirming a shift in market structure to bearish. Price has dropped 160 pips and still showing more bearish potential as I anticipate price to drop to the next H4 low at 1.12000 and eventually back to the major H4 & daily demand at 1.11175 & 1.10787 for price to fill the major H4 & daily range.


















 

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