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GBP/CHF Potential Upward Movement

GBP/CHF Long-Term Trend: Bullish

Key Resistance Levels: 1.24840, 1.25899, 1.26391.

Key Support Levels: 1.23750, 1.23056, 1.23000.

Daily Chart:

The price on the higher time frame failed to break the support level around the 1.23750 CHF mark by leaving an engulfing bullish pattern. This could lead to a reversal and a move to the upside with a new trend direction.

GBP/CHF Medium-Term Trend: Bullish

1-Hr Chart:

On the lower time frame, the price is traded inside a bullish channel formation showing that we are in the beginning of the new bullish impulsive wave. A lower correction could be seen to the highlighted zone before another impulsive wave in the direction of the main trend.

Signal Idea:

Buy Limit Order @ 1.23789

TP 1 @ 1.24760

TP 2 @ 1.25899

Stop Loss @ 1.23307

Trade Safely 🙂

In many cases we manually use market orders instead of pending orders to trade the trading ideas we send you. This is higher risk, and you can decide if it suits your trading style.

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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