Hi everyone,
Please see attached my GBPCHF chart analysis on the 4H timeframe.
As we can see there is a pretty well respected support line at the level of around 1.25947 which has been showing as support since late April.
Looking at the RSI we are currently in the oversold area which could means we are due to see a reversal in the near future.
If we look at the stochastic we can see the lines are almost crossed which could be another indicator of a reversal.
As we know the RSI & Stochastic are lagging indicators so dont just use this as confirmation.
If we drop into the 1H timeframe we can see two hammer candles at the bottom at support which could also be another indication we are about to have a reversal.
I will be watching this very closely looking for a buy entry in the near future.
Any likes and comments would be much appreciated.
Follow for daily updates!
DWFX
Please see attached my GBPCHF chart analysis on the 4H timeframe.
As we can see there is a pretty well respected support line at the level of around 1.25947 which has been showing as support since late April.
Looking at the RSI we are currently in the oversold area which could means we are due to see a reversal in the near future.
If we look at the stochastic we can see the lines are almost crossed which could be another indicator of a reversal.
As we know the RSI & Stochastic are lagging indicators so dont just use this as confirmation.
If we drop into the 1H timeframe we can see two hammer candles at the bottom at support which could also be another indication we are about to have a reversal.
I will be watching this very closely looking for a buy entry in the near future.
Any likes and comments would be much appreciated.
Follow for daily updates!
DWFX