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GBP/CHF Potential Upward Movement

GBP/CHF Long-Term Trend: Bullish

Key Resistance Levels: 1.22940, 1.23324, 1.23500.

Key Support Levels: 1.22505, 1.22150, 1.22000.

1-Hr Frame:

The price on the higher time frame could not continue its move to the downside and faced a strong resistance which led to the formation of the double bottom pattern. A reversal occurred and the price is about to move higher again in the same direction of the main trend.

GBP/CHF Medium-Term Trend: Bullish

10-Mins Time Frame:

On the lower time frame, the buyers succeeded to break the bearish trend line to the upside after a higher low formation. A lower correction has been posted to the support level to bring back liquidity before a new bullish impulsive wave toward the target profits.

Buy Market Order @ 1.22555

Target Profit 1 @ 1.22940

Target Profit 2 @ 1.23324

Stop Loss @ 1.22171

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. Wawoo almost hit tp 1, Good one..

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