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GBP/CHF Potential Downward Movement

GBP/CHF Long-Term Trend: Bearish

Key Resistance Levels: 1.2580, 1.2820, 1.2987

Key Support Levels: 1.2458, 1.2380, 1.2200

Daily Chart:

The price on the higher time frame succeeded to break the parallel channel to the downside by posting a huge bearish candlestick showing that the sellers took control and are overwhelming the buyers which could lead to a further downside movement.

GBP/CHF Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the pair is extending lower of the bearish flag formation. It posted a correction count toward the lower end of this formation which could lead to a movement again to the downside toward the target profit.

Signal Idea:

Sell Limit Order @ 1.2543

TP 1 @ 1.2461

TP 2 @ 1.2380

Stop Loss @ 1.2571

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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