Simple Moving Average(SMA) 50-period (red), 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term support and resistance
Multiple Time-frame Analysis
- A bearish divergence is spotted in the 4H chart.
- If a decline materializes, even a minor one should test the 1.5360 level.
- If the decline fails to break below 1.5360, it is still targeting 1.56 in the intermediate term, suggested by the positive reversal signal in the 4H chart.
- The bearish divergence can be seen in the 1H chart as well. Note the prior to the current resistance near 1.5530, the market showed a positive reversal signal that targeted this area.
- Now that the market has satisfied this projection, we are faced with a bearish divergence and some bearish price action to start the US session today.
For the GBP/CHF, the near-term is bearish while the intermediate term in bullish, would you agree? We would love to hear what you think.
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Fan Yang CMT
Chief Technical Strategist