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GBP/CHF: Will Bulls continue their journey today?

EagleFX

GBP/CHF has been bullish in the daily chart for the last three trading days. The pair after making a long bearish move produced a doji candle. Since then, it has been heading towards the North. Major intraday charts show that the price has been heading towards the North to make a breakout at the wave’s highest high. If that happens, the pair may end up producing another bullish candle in the daily chart.

Chart 1 GBP/CHF Daily Chart


The chart shows that the price produced a doji candle after being bearish for a while. Then, a bullish engulfing candle pushed the price towards the North. Yesterday’s candle came out as a bullish candle. The buyers may wait for the price to consolidate and a bullish reversal candle to go long in the pair. The pair may find its next resistance around 1.19700. If that gets breached, it may head towards the North further and find its next resistance around 1.21900.

Chart 2 GBP/CHF H4 Chart


The chart shows that the price made a bullish move, consolidated, and headed towards the North again. As of writing, the current candle may come out as a bullish engulfing candle. If that happens, the buyers may go long in the pair and push the price towards the North. However, the next H4 resistance does not offer a lucrative risk-reward. Thus, the buyers in the H4 chart may wait for the price to make a breakout at the level of 1.18400 to go long in the pair. The level of 1.18400 may make the price bearish as well. If that happens, the price may make a little bearish move and find its support around 1.17400.

Chart 3 GBP/CHF H1 Chart


The chart shows that the price made a strong bullish move. It had a rejection at 1.18100 and made a bearish correction. The level of 1.17900 has been working as a level of support. It has already produced a bullish inside bar. The price has been heading towards the North since then. Thus, buyers may go long in the pair above 1.18150. The price may find its next resistance around 1.18400. The pair is trading around 1.18150. If the level produces a strong bearish reversal candle, the sellers may go short in the pair below 1.17900. The price may find its next support around 1.17450.

The daily and the H4 chart are bullish biased, but the buyers may have to wait. However, the H1 chart suggests that the pair may make a bullish move today as well. Thus, it may end up producing a bullish candle in the daily chart today.

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