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GBP/CHF Potential Upward Movement

GBP/CHF Long-Term Trend: Bullish

Key Resistance Levels: 1.25170, 1.25280, 1.25529.

Key Support Levels: 1.24181, 1.24473, 1.24379.

1-Hr Frame:

The price on the higher time frame succeeded to break the bearish trendline to the upside after a double bottom formation under the strong support level. This gave the power to the buyers to reverse the market and push it all the way up.

GBP/CHF Medium-Term Trend: Bullish

5-Mins Time Frame:

On the lower time frame, the price retraced to the 50% Fibonacci retracement level where  it found additional buyers. A move to the upside in expected in a new bullish impulsive wave especially that we have started to see higher highs and lows.

Buy Limit Order @ 1.24843

TP 1 @ 1.25151

TP 2 @ 1.25280

Stop Loss @ 1.24689

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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