21.04.202110:49 Forex Analysis & Reviews: GBPCHF facing bullish pressure, potential for further upside!

Exchange Rates 21.04.2021 analysis

Prices are facing bearish pressure from horizontal swing high resistance which is in line with 38.2% Fibonacci retracement and 61.8% Fibonacci extension. Prices might push down further towards 1st support which is horizontal swing low support, in line with 100% Fibonacci extension. If prices push up further, prices might face resistance from 2nd resistance which is a swing high resistance which is in line with 50% Fibonacci extension and 161.8% Fibonacci retracement. EMA is also above prices, showing a bearish pressure for prices.

Trading Recommendation

Entry: 1.27692

Reason for Entry:

Horizontal swing high resistance, 38.2% Fibonacci retracement, 61.8% Fibonacci extension

Take Profit: 1.26828

Reason for Take Profit:

Horizontal swing low support, 100% Fibonacci extension

Stop Loss: 1.28119

Reason for Stop Loss:

Horizontal swing high resistance, 50% Fibonacci extension, 161.8% Fibonacci retracement

*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
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Show more
Can't speak right now?
Ask your question in the chat.