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GBP/CHF Potential Downward Movement

GBP/CHF Long-Term Trend: Bearish

Key Resistance Levels: 1.25520, 1.25831, 1.26000.

Key Support Levels: 1.24741, 1.24079, 1.23540.

1-Hr Chart:

The price on the higher time frame posted a double bottom formation which signals a potential reversal and a led to a breakout of the bullish channel to the downside. we expect that the price continue its movement to the downside toward the next key support level.

GBP/CHF Medium-Term Trend: Bearish

15-Mins Chart:

On the lower time frame, the price managed to break the bullish channel to the downside after an extended wave has been posted. The market as well found sellers near the 61.80% Fibonacci retracement level which led to further movement to the downside. a higher correction could be seen to the entry price level before a new bearish impulsive wave.

Signal Idea:

Sell Limit Order @ 1.25205

TP 1 @ 1.24863

TP 2 @ 1.24079

Stop Loss @ 1.25376

Trade Safely 🙂

In many cases we manually use market orders instead of pending orders to trade the trading ideas we send you. This is higher risk, and you can decide if it suits your trading style.

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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