By Orbex Blog
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
Technical Analysis and points of interest:
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- 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
Level in focus:
- Aggressive approach – 1.3530 or Market
- Moderate – 1.3600
- Conservative – 1.3650
Many pips ahead!
