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

Prices are facing bearish pressure from horizontal swing high resistance which is in line with 38.2% Fibonacci retracement and 61.8% Fibonacci extension. Prices might push down further towards 1st support which is horizontal swing low support, in line with 100% Fibonacci extension. If prices push up further, prices might face resistance from 2nd resistance which is a swing high resistance which is in line with 50% Fibonacci extension and 161.8% Fibonacci retracement. EMA is also above prices, showing a bearish pressure for prices.

Trading Recommendation

Entry: 1.27692

Reason for Entry:

Horizontal swing high resistance, 38.2% Fibonacci retracement, 61.8% Fibonacci extension

Take Profit: 1.26828

Reason for Take Profit:

Horizontal swing low support, 100% Fibonacci extension

Stop Loss: 1.28119

Reason for Stop Loss:

Horizontal swing high resistance, 50% Fibonacci extension, 161.8% Fibonacci retracement