GBP/CHF Potential Downward Movement

GBP/CHF Long-Term Trend: Bearish

Key Resistance Levels: 1.1861, 1.1953, 1.2135

Key Support Levels: 1.1704, 1.1597, 1.1506

Daily Chart:

The price on the higher time frame has been in a downtrend for quite some time. The pair made a few rejection wicks from the top and broke a support level of 1.2106 with good momentum. Another minor level of 1.1979 has been broken and we expect the trend continuation.

GBP/CHG Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the pair is moving in the major trend’s direction. The price broke the support level of 1.1953 with good momentum and another level of 1.1861 has been broken and retested before continuing the momentum. 

Signal Idea:

Sell Stop Order @ 1.1787

TP 1 @ 1.1691

TP 2 @ 1.1499

Stop Loss @ 1.1883

Trade Safely 🙂