Jump to content

GBPCHF is showing signs of a temporary top


Recommended Posts

Monthly: The move from the year 2000 to the 2015 lows, could be seen as an Elliott Wave 5 wave bearish count (impulse). If this is the case, then we are in the corrective formation higher. The most important factor to take away from this timeframe is the fact the Ichimoku Cloud continues to stall (cap) buying.  

IG GBPCHF M.png

 

Weekly:  Levels close to 1.3414 continues to find sellers. This was the low (support) from Q2 2016, now becomes resistance. Last weeks price action formed a bearish Outside Week, often an indication that a top is in place. The move higher from 2016 has been mixed and volatile and could be seen as a bearish Ending Wedge formation. Trend line support is seen at 1.2660

IG GBPCHF W.png

 

Daily: A lot to takeaway in this timeframe:

  1. A possible ‘double top’. A break of 1.3118 is needed to confirm
  2. Ending wedge. A clear break of 1.3215 is needed. The measured move target is then 1.2745
  3. Bearish outside day, sometimes highlights the top of a trend.

IG GBPCHF D.png

 

Intraday (30-minutes) – With intraday signals for sentiment now at oversold extremes, there being a possible 5 wave count near completion and bespoke support at 1.3183, we only look to sell into rallies. Bespoke resistance is seen at 1.3325, close to the middle of the last congestion zone.

IG GBPCHF 30.png

 

In regards to the PIA analysis, no representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result.

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      20,040
    • Total Posts
      88,056
    • Total Members
      69,031
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    hame0531
    Joined 29/09/22 10:37
  • Posts

    • Hi @HYDROCARBON Your requests have been submitted. Thank youAll the best - MongiIG
    • BRENT CRUDE OIL (LCOC1) TALKING POINTS Demand-side factors continue to dominate. Will OPEC trim supply again? BRENT CRUDE OIL FUNDAMENTAL BACKDROP Brent crude oil rallied yesterday on the back of a weaker U.S. dollar coupled with a notable decrease in U.S. crude oil stockpiles as revealed in the EIA weekly report. This morning has seen a resumption of the downward trend as the dollar is bid once more, making yesterday’s move largely attributed to oversold levels as well as quarter-end rebalancing. Markets are still focused on demand destruction and a global recession as opposed to supply-side concerns. Full article: Sep 29, 2022 | DailyFX Warren Venketas, Analyst
×
×
  • Create New...