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GBP/CHF: Flipped resistance is in play


GBP/CHF produced a bearish candle on the daily chart yesterday. The price made a bullish correction on the H1 chart. As of writing, the price has been bearish in the last candle. The price finds its resistance at a flipped level. If the level produces a bearish reversal candle, the price may head towards the South to make a breakout at yesterday’s lowest low. That would drive the price towards the South further with more bearish momentum.

Chart 1 GBP/CHF H1 Chart

After being very bearish, the price had a bounce at 1.18750 and had an upside correction. It headed towards the North with a moderate bullish momentum. It had a rejection at 1.19430, where the price had had a bounce earlier. If the level of 1.19430 produces a bearish reversal candle, the sellers may go short below 1.18750.
Trade Summary:
Entry: Sell below 1.18750
Stop Loss: Above 1.19430
Take Profit 1: 1.18465
Take Profit 2: 1.18300
Take Profit 3: 1.18000

EagleFX Review

Source: https://www.eaglefx.com/news/gbp-chf-flipped-resistance-is-in-play/
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