FX.co ★ GBPCHF facing bullish pressure, potential for more upside!

Prices are facing bullish pressure from horizontal swing low support, which is in line with 50% Fibonacci retracement. Prices might push up further to horizontal swing high resistance which is in line with 161.8% Fibonacci retracement and 100% Fibonacci extension. If prices push down further, prices might take support from 2nd support which is a horizontal swing low support in line with 78.6% FIbonacci extension and 78.6% FIbonacci retracement. EMA is also below prices showing a bullish pressure for prices.

Trading Recommendation

Entry: 1.26957

Reason for Entry:

Horizontal swing low support, 50% Fibonacci retracement

Take Profit: 1.27958

Reason for Take Profit:

Horizontal swing high resistance, 100% Fibonacci extension, 161.8% Fibonacci retracement

Stop Loss: 1.26461

Reason for Stop Loss:

Horizontal swing low support, 78.6% Fibonacci retracement, 78.6% Fibonacci extension