GBPCHF – Bearish Sequence – Double Three within a Rising Channel

Posted on
Double Three within a Rising Channel

GBP/CHF has been trading within a Complex Corrective Structure following Brexit and the Flash Crash. The Structure has been labeled as a Double Three and it is unfolding within a Rising Channel.

GBP/CHF is sitting at some important technical levels and points of interest, in other words, price action would vibrate inside this area.

If this view would turn out to be correct, this would lead GBP/CHF to possibly drop about 2300 pips, as the current structure is suggesting that Primary W (purple) (Flash Crash low) could be retested aggressively.

GBP/CHF – Daily Chart (as shown above)

Technical Analysis points of interest:

  • Brexit and Flash Crash Vibrations Levels approaching – 50% Fibonacci Retracements of Weekly Bearish Impulses
  • Upper trend-line of the Rising Channel has been tested along side a new local high
  • Complex Correction of Intermediate Degree (orange (WXY)) most likely about to complete
  • Leading Diagonal in Minor A (blue) indicates that Minor C (blue) would complete Intermediate (Y) (orange) in an impulsive manner (5 swings sequence)
  • Bearish Divergence scenario in view, and appearing at the possible end of Minor C (blue)
  • 100% Fibonacci Extensions of Intermediates (W) & (X) (orange) projecting Intermediate (Y) (orange).
  • 8% Fibonacci Extensions of Minors A & B (blue) projecting Minor C (blue)
  • 8% Fibonacci Extensions of Minutes III & IV (blue) projecting Minute IV (blue)

GBP/CHF – 4H Chart

Double Three within a Rising Channel

Levels in focus:

  • Aggressive approach – 1.3530 or Market
  • Moderate – 1.3600
  • Conservative – 1.3650

 

Many pips ahead!

(Visited 1 times, 1 visits today)

Richard is passionate about technical analysis with years of charting experience under his belt. When it comes to his insights and how he analyses the markets, he uses leading analysis tools. In particular, Elliott Wave Analysis is his forte, and he dedicates the majority of his time using this analytical method. Richard uses Elliott Waves in combination with Structures, Patterns, Divergences, and then spices things up with Vibration Levels, Fibonacci measurements, Channeling, Break-outs or Flag formations.

Disclaimer:

This material is intended for marketing/information purposes only and does not contain, and should not be construed as containing; an attempt of solicitation for any transactions in financial instruments and does not constitute investment advice or research. Past performance is not a guarantee of or prediction of future performance. The Trade Ideas are provided independently by an external third party company, PIA First Limited, which is authorised and regulated by the Financial Conduct Authority FRN 787261 to provide regulated products and services including Investment Advice. Registered in England & Wales, company number 07428345. Registered Office: Kemp House, 152 City Road, London EC1V 2NX. VAT number 153 646014. Copyright © 2018.

ORBEX does not take into account your personal investment objectives or financial situation, Readers should consider the possibility that they may incur losses. ORBEX makes no representation and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied by any employee of ORBEX, a third party or otherwise. All expressions of opinion are subject to change without notice. Any opinions made may be personal to the author and may not reflect the opinions of ORBEX. This communication must not be reproduced or further distributed without the prior permission of ORBEX.

This material has not been prepared in accordance with legal requirements promoting the independence of investment research and it is not subject to any prohibition on dealing ahead of the dissemination of investment research. All expressions of opinion are subject to change.

START TRADING

or practice on DEMO ACCOUNT

Trading CFDs Involves high risk of loss

Richard is passionate about technical analysis with years of charting experience under his belt. When it comes to his insights and how he analyses the markets, he uses leading analysis tools. In particular, Elliott Wave Analysis is his forte, and he dedicates the majority of his time using this analytical method. Richard uses Elliott Waves in combination with Structures, Patterns, Divergences, and then spices things up with Vibration Levels, Fibonacci measurements, Channeling, Break-outs or Flag formations.

© Orbex