GBPCHF facing bullish pressure, potential for bounce!

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GBPCHF facing bullish pressure, potential for bounce!

GBPCHF facing bullish pressure, potential for bounce!

GBPCHF facing bullish pressure, potential for bounce!

Prices are facing bullish pressure from ascending trendline support and horizontal swing low support in line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension. Prices might push up towards 1st resistance in line with horizontal swing high resistance, 100% Fibonacci extension and -61.8% Fibonacci retracement. If prices fall through 1st support, prices might take support from 2nd support which is a horizontal swing low support, in line with 50% Fibonacci retracement and 127.2% Fibonacci extension. EMA is also below prices, showing a bullish pressure for prices.

Trading Recommendation

Entry: 1.26698

Reason for Entry:

Ascending trendline support, horizontal swing low support, 61.8% Fibonacci retracement, 61.8% Fibonacci extension

Take Profit: 1.27255

Reason for Take Profit:

Horizontal swing high resistance, -61.8% Fibonacci retracement, 100% Fibonacci extension

Stop Loss: 1.26485

Reason for Stop Loss:

Horizontal swing low support, 50% Fibonacci retracement, 127.2% Fibonacci extension

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.fx.co/forex_analysis/quickview/219861/