FX.co ★ GBPCHF facing bearish pressure, potential for further downside!

Prices are facing bearish pressure from 1st resistance in line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension. Prices might push down towards horizontal swing low support in line with -27.2% Fibonacci retracement and 100% Fibonacci extension. If prices push up further, prices might face resistance from horizontal swing high resistance in line with 100% Fibonacci extension. EMA is also above prices, showing a bearish pressure for prices.

Trading Recommendation

Entry: 1.27240

Reason for Entry:

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

Take Profit: 1.26902

Reason for Take Profit:

Horizontal swing low support, -27.2% Fibonacci retracement, 100% Fibonacci extension

Stop Loss: 1.27482

Reason for Stop Loss:

Horizontal swing high resistance, 100% Fibonacci extension