GBPCHF facing bullish pressure, potential for bounce!

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Prices are facing bullish pressure from ascending trendline support and horizontal swing low support in line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension. Prices might push up towards 1st resistance in line with horizontal swing high resistance, 100% Fibonacci extension and -61.8% Fibonacci retracement. If prices fall through 1st support, prices might take support from 2nd support which is a horizontal swing low support, in line with 50% Fibonacci retracement and 127.2% Fibonacci extension. EMA is also below prices, showing a bullish pressure for prices.

Trading Recommendation

Entry: 1.26698

Reason for Entry:

Ascending trendline support, horizontal swing low support, 61.8% Fibonacci retracement, 61.8% Fibonacci extension

Take Profit: 1.27255

Reason for Take Profit:

Horizontal swing high resistance, -61.8% Fibonacci retracement, 100% Fibonacci extension

Stop Loss: 1.26485

Reason for Stop Loss:

Horizontal swing low support, 50% Fibonacci retracement, 127.2% Fibonacci extension

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

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