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

Prices are facing bearish pressure from descending trendline resistance, horizontal swing high resistance, 127.2% Fibonacci retracement and 50% Fibonacci extension. Prices might push down towards horizontal swing low support in line with 50% Fibonacci extension. If prices push up further, prices might face resistance from horizontal swing high resistance in line with 161.8% Fibonacci extension and 78.6% Fibonacci retracement. EMA is also above prices, showing a bearish pressure for prices.

Trading Recommendation

Entry: 1.27005

Reason for Entry:

Horizontal swing high resistance, 127.2% Fibonacci retracement, 50% Fibonacci extension

Take Profit: 1.26543

Reason for Take Profit:

Horizontal swing low support, 50% Fibonacci extension

Stop Loss: 1.27298

Reason for Stop Loss:

Horizontal swing high resistance, 161.8% Fibonacci extension, 78.6% Fibonacci retracement