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

GBPCHF facing bullish pressure, potential for further upside!

GBPCHF facing bullish pressure, potential for further upside!

Prices are approaching ascending trendline support in line with horizontal swing low resistance in line with 61.8% Fibonacci extension and 78.6% Fibonacci retracement. Prices might push up towards horizontal swing high resistance in line with 78.6% Fibonacci extension. If prices push down, prices might take support from horizontal swing low support in line with 127.2% Fibonacci retracement and 78.6% Fibonacci extension. Stochastics is also approaching 6.99 support level, potential for a bounce.

Trading Recommendation

Entry: 1.27054

Reason for Entry:

Horizontal swing low support, ascending trendline support. 61.8% Fibonacci extension, 78.6% Fibonacci retracement

Take Profit: 1.27845

Reason for Take Profit:

Horizontal swing high resistance, 78.6% Fibonacci extension

Stop Loss: 1.26775

Reason for Stop Loss:

Horizontal swing low support, 78.6% Fibonacci extension, 127.2% Fibonacci retracement

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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