GBP/CHF Potential Downward Movement

GBP/CHF Long-Term Trend: Bearish

Key Resistance Levels: 1.1550, 1.1584, 1.1626

Key Support Levels: 1.1430, 1.1356, 1.1310

Daily Chart:

The price on the higher time frame was consolidating in a range of 1.2411 and 1.2109 for some time and then the lower range was broken with good momentum. The pair made a small trading zone and has broken the lower range again which indicates a bearish bias.  

GBP/CHF Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the pair is moving in the major trend’s direction. The price traded in a range of 1.1626 and 1.1584 for some and now the lower range is broken. It has also broken and retested a minor level of 1.1550 before continuing the momentum.  

Signal Idea:

Sell Stop Order @ 1.1497

TP 1 @ 1.1438

TP 2 @ 1.1320

Stop Loss @ 1.1556

Trade Safely 🙂