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GBP/CHF Potential Downward Movement

GBP/CHF Long-Term Trend: Bearish

Key Resistance Levels: 1.2743, 1.2795, 1.2965

Key Support Levels: 1.2645, 1.2576, 1.2460

Daily Chart:

The price on the higher time frame managed to break the bullish channel formation to the downside. It posted a correction to the upside and now a new move downward is expected in the coming days.

GBP/CHF Medium-Term Trend: Bearish

4-hour Chart:

On the 4-hr time frame, the price is trading inside a bearish channel where the pair is expected to move upward toward an area of confluence which is made by a resistance, higher end of the channel and the 50% Fibonacci retracement level. This correction could lead to a move downward again in the same direction of the main trend.

Signal Idea:

Sell Limit Order @ 1.2739  

TP 1 @ 1.2665

TP 2 @ 1.2645

Stop Loss @ 1.2776

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.

One comment

  1. Thanks so much for the analysis,

    Im following your trades, looking at getting a EA from you soon

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