Breaking News

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.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download My Free Robot

Get your Robot Now!

Free Robot!