GBPCHF facing bullish pressure, potential for more upside!

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Price is above 1st support at 1.27205 in line with 38.2% Fibonacci retracement and 23.6% Fibonacci extension. It could potentially bullish from 1st support at 1.2705 in line with 38.2% Fibonacci retracement and 23.6% Fibonacci extension to 1st resistance at 1.28183 in line with Horizontal swing high and 61.8% Fibonacci extension. Our bullish bias is further supported by how Price is holding above the EMA and MACD is shown to be above the 0 line. Otherwise price may continue to bearish to 2nd support at 1.26676 in line with 50% Fibonacci retracement and 38.2% Fibonacci extension.

Trading Recommendation

Entry: 1.27205

Reason for Entry:

38.2% Fibonacci retracement and 23.6% Fibonacci extension

Take Profit: 1.28183

Reason for Take Profit:

Horizontal swing high and 61.8% Fibonacci extension

Stop Loss: 1.26676

Reason for Stop Loss:

50% Fibonacci retracement and 38.2% Fibonacci extension.

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

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