GBPCHF Top-Down Analysis

Hello Traders,

Here is the Top-Down Analysis of GBPCHF (Monthly, Weekly, Daily for direction and 4H for entry) for

Week 41 - 05 Oct

M > Price dropped till monthly support level that has pushed market to the upside in past.

W > Price moved up to test the neck and complete M formation.

D > We can see an M formation in Daily Chart providing next target.

As per COT GBP saw closure of Long and addition of major short positions bringing net position to -ve, whereas N-R saw closure of both Long and Short, Commercials saw addition of Long and closure of Short. BXY was weak for the said week but it improved its position last week. CHF saw closure of Long and addition of few Short positions reducing net positions. SXY was very weak for the said week. SXY was strong last week.

4H > While moving up price broke neck and moved ahead but price pulled back to complete recently created W formation and is now moving upwards to our next target.

Pair Correlation: GBPCHF has positive correlation with GBPUSD, GBPJPY, GBPCAD, GBPAUD and GBPNZD and negative correlation with EURGBP.

This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section you can share your view and ask questions.

Thank You
AP17FX