jamstock
Long

GBPCHF Weekly Outlook

FX:GBPCHF   British Pound / Swiss Franc
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GBPCHF has broken back up above the weekly support/ resistance level .

We will be looking for pullbacks to that level and buy signals to get long.
Nice idea on GBPCHF and there may be potential gains as you have identified by going long. The 1st support level that we have found is at 1.2894, which is similar to the level you are expecting a bounce from. It is a horizontal swing low support and ascending channel support, with 23.6% Fibonacci retracement and 100% Fibonacci extension. Ichimoku cloud is also showing signs of bullish pressure in line with our bullish bias. RSI is approaching our support and a bounce above this level might see a corresponding rise in price. If a corresponding rise does occur, we may want to take a closer look at the 1.30909 resistance level. It is a horizontal overlap resistance with 78.6% Fibonacci retracement. Excited to see how things develop.

Please take a look at our idea and share with us what you think.


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