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22.01.202110:20 Forex Analysis & Reviews: GBPCHF is approaching ascending trendline support , potential for a bounce!

Exchange Rates 22.01.2021 analysis

Price is approaching our ascending trendline support and 1st support at 1.21258, in line with our 61.8% Fibonacci retracement and 100% Fibonacci extension. Price could potentially bounce at our 1st support and rise further towards our 1st resistance at 1.21967, which is in line with our 78.6% Fibonacci extension. It is also worth noting that price continues to hold above the Ichimoku cloud, which shows bullish pressure in line with our bullish bias.

Trading Recommendation

Entry: 1.21258

Reason for Entry:

100% Fibonacci extension, 61.8% Fibonacci retracement and horizontal pullback support

Take Profit: 1.21967

Reason for Take Profit:

78.6% Fibonacci extension and horizontal swing high resistance

Stop Loss: 1.20807

Reason for Stop Loss:

161.8% Fibonacci extension and horizontal swing low support

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

Dean Leo,
Analytical expert
InstaForex Group © 2007-2021
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