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GBP/CHF Potential Upward Movement

GBP/CHF Long-Term Trend: Bullish

Key Resistance Levels: 1.23601, 1.24240, 1.24495.

Key Support Levels: 1.22976, 1.22052, 1.22000.

Daily Time Frame:

The price on the higher time frame failed to break below the strong support level around the 1.22960 CHF mark where an engulfing bullish pattern has been left. This might lead to a trap for bears and then a reversal all the way up toward the resistance levels. Let’s move to the lower time frame to see what’s going on there.

GBP/CHF Medium-Term Trend: Bullish

1-Hr Time Frame:

On the lower time frame, the buyers succeeded to break the bearish trend line to the upside after a double bottom formation. A lower correction could be seen to the support level to bring back liquidity before a new bullish impulsive wave toward the target profits.

Buy Market Order @ 1.23076

Target Profit 1 @ 1.23601

Target Profit 2 @ 1.24240

Stop Loss @ 1.22552

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.

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