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GBP/CHF Potential Upward Movement

GBP/CHF Long-Term Trend: Bullish

Key Resistance Levels: 1.24207, 1.25080, 1.26298.

Key Support Levels: 1.23467, 1.22807, 1.22213.

Daily Time Frame:

The price on the higher time frame posted a double bottom formation near a strong support level at 1.21951 CHF mark which led to a reversal and a move upward and a breakout of the descending channel. The market managed as well to break a strong resistance around the 1.23467 CHF mark which could lead to a further movement to the upside.

GBP/CHF Medium-Term Trend: Bullish

1-Hr Time Frame:

On the lower time frame, the price succeeded to break the consolidation phase with the help of a series of higher lows. A lower correction could be seen to the highlighted zone to grab back liquidity and this will lead to a new bullish impulsive wave toward the target profits.

Buy Limit Order @ 1.23535

TP 1 @ 1.24155

TP 2 @ 1.25080

Stop Loss @ 1.23266

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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