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Elliott: extended impulse wave down 1.4868
It may meet resistance in 1.4950 - 1.4955 zone for a drift down to 1.4921 zone, after which bounce to 1.4983 is anticipated.
Technical points
Key point 1.4915
Entry point 1.4931
Elliott 1.5114
Closing 1.4950
Projection 1.4868
Trendline 1.4968
Trendline 1.4925
Supports / Resistances
Res 2 1.5016
Ex-High 1.4988
Res 1 1.4983
Pivot 1.4955
Sup 1 1.4921
Ex-Low 1.4926
Sup 2 1.4893
GBPCHF remains bearish. I expect to slide down further. If this pair drops below 1.4900 level today, it will instill confidence further bearish.
gbp/chf technical analysis by using : average directional movement index
adx : 44.2016
+di : 27.3236
-di : 7.6626
timeframe : 1 hour
time : 1900
date : 16.11.2012
Technical Outlook and Setups Chart:
Single currency pair remains bearish. Expected to slide down further. If the pair drops below 1.4900 level today, it will instill confidence further bearish. It is advisable to take at least partial advantage of the short positions taken previously and also reduce the risk. In addition, the intraday rally towards 1.5 can also be sold, after considering bearish signal appears on a smaller timeframe. Intermediate support at the level of 1.4800, while resistance near 1.5150 level. Looking lower from here.
Trading Recommendations:
Hold short positions taken before, take partial profits, do sell intraday rallies towards the region of 1.5, SL at 1.5100 or a break-even point, and the target at 1.46.
Clear trend that formed a bearish trend. but what I felt, I was afraid to open a direct position for fear the trend is over. because any time the price trend may change UP. therefore, I put a sell limit some distance away, make it more secure.
The GBP/CHF pair skyrocketed on Tuesday as traders bought into risk.
The pair has even gotten back to the previous low, a natural area to expect some kind of sell signal.
prices close below the line sma5. and the spike has appeared. Marbel but has not yet appeared.
seems safe enough to take a sell position.
---------- Post added at 12:53 PM ---------- Previous post was at 12:51 PM ----------
I was afraid to open a direct position for fear the trend is over. because any time the price trend may change UP. therefore, I put a sell limit some distance away, make it more secur
Scenario for next week
Elliott: flat correction down 1.4947
It may attempt a test higher to 1.5071 - 1.5119 after which weakness may set it to a drift down to 1.4931 limit.
Technical points
Key point 1.5035
Entry point 1.5067
Elliott 1.5148
Closing 1.5028
Projection 1.4947
Trendline 1.5114
Trendline 1.5080
Supports / Resistances
Res 2 1.5210
Ex-High 1.5114
Res 1 1.5119
Pivot 1.5023
Sup 1 1.4931
Ex-Low 1.4926
Sup 2 1.4835
Just be aware with bearish correction if then buyer can not break up more that pivot 1.5034. On my see - the trend on still nice down that can be see with trendline zone on this 4H TF. But, of course if that pivot 1.5034 truly can be break by strong bulls candle = this can be trigger to more bulls here
The Significance of this Key Level is rated by Autochartist at the 5 bar level which reflects the fact that the price reversed five times from this resistance in the last 216 candles. The price earlier broke the upper resistance trendline of the daily downward price channel from June – which enclosed the downward correction to the preceding upward price impulse from February. This downward correction stopped previously at the 50% Fibonacci Retracement of aforementioned upward price thrust from February (at point A below) .GBP/CHF is expected to rise further toward this Key Level – in line with the prevailing medium-term uptrend visible on the daily GBP/CHF charts.