GBPCHF MARKET ANALYSIS

 Good morning traders, its another new week into the markets being the first week of the new month of June. I hope you're all ready to take advantage of the opportunities in the markets. Into the markets today, I'm looking at GBPCHF where price dropped from a major H4 & daily supply zone at 1.13968 & 1.13502 which is the origin of the previous drop to the major H4 demand zone at 1.10785 & 1.10411. Price filled the major H4 & daily range from the major H4 & daily supply zone to the major H4 demand zone and back to the major H4 & daily supply zone. Price dropped 50 pips to 1.13295 then retraced to retest supply after which price dropped again 50 pips to 1.13120 and closed the week. Market opened this week with a gap to the downside then price consolidated close to the 1st H1 low at 1.13000. Price retraced to retest the broken H1 low at 1.13320 before a continuation of the drop. Took sell positions during pre-London session at 1.13106 with SL at 1.13400. Setup taken is a drop base drop, a continuation setup and my target is at 1.11680.

Price formed a strong H1 bearish engulfing candle with candle close at 1.12920. Price retraced for a retest before a continuation of the drop in another strong H1 bearish candle confirming a shift in market structure to bearish. Price gained more bearish momentum into NY session forming lower lows dropping 65 pips to 1.12443 and still showing more bearish potential. Price retraced to 1.12700 forming a lower high before a continuation of the drop lower as I anticipate price to form a lower low which takes out the low at 1.12443 and continues with the drop.