Technical analysis of GBPCHF time 2 hours :2023-01-21Deltafx Admin 23 January 2023
In the previous analysis, we expected 2 targets after the pivot point failure and pullback up to
The 61.8 & 78.6 Fibo retracement areas.
Now you can expect an ABCD pattern in the form of a wedge. There is A pivot at level 2 just above dynamic resistance in the swing area of the top, which can add to the strength of this area for resistance.
After a short distance, we have the prz price area of the ABCD harmonic pattern, which intersects exactly with the pivot point.
It is at level 4, so we have a lot of resistance between the two pivot areas, with a small gap in the case of a negative inward reaction.
We will return to the swing area, in case of failure we will leave the correction phase and follow the uptrend.