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GBP/CHF Potential Upward Movement

GBP/CHF Long-Term Trend: Bullish

Key Resistance Levels: 1.2973, 1.3114, 1.3312

Key Support Levels: 1.2973, 1.2882, 1.2800

Daily Chart:

The price managed on the daily time frame managed to break the correction pattern (bullish flag) to the upside, and as well it succeeded to break the daily resistance around the 1.2979 USD level.

GBP/CHF Medium-Term Trend: Bullish

1-hour Chart:

On the 1-hr time frame, the price is trading inside a bullish channel formation where the price is expected to post a correction count towards the area of confluence. This zone is made of a strong support and a 61.80% Fibonacci retracement level around the 1.3003 mark. This could lead to a move upward again in the direction of the main trend.

Signal Idea:

Buy Limit Order @ 1.3003

TP 1 @ 1.3093

TP 2 @ 1.3114

Stop Loss @ 1.2974

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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