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GBP/CHF: Bullish breakout, the buyers are to wait

GBP/CHF has been bullish in the daily chart for the last three days. The chart produced a bullish engulfing candle and headed towards the North. The H1 chart shows that the price made a breakout at yesterday’s highest high and traded above the level for several candles. As of writing, the price is still bullish in the current candle. However, it may make a bearish correction around the level where it is trading at the moment. If that happens, the buyers may find an opportunity to go long upon getting a bearish reversal candle at the breakout level.

Chart 1 GBP/CHF H1 Chart



The chart shows that the price made a breakout at the level of 1.18800 and traded above the level for two more candles. It may find its resistance around 1.19150. If the level makes a bearish correction from the level of 1.19150, and the level of 1.18800 works as a level of support, the buyers may wait to go long upon getting a bullish reversal candle at 1.18800. The buyers may trigger a long entry above 1.19000.

Trade Summary:

Entry: Buy above 1.19000

Stop Loss: Below 1.18800

Take Profit 1: 1.19350

Take Profit 2: 1.19450

Take Profit 3: 1.19630

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Wednesday, 29 Jul, 2020 / 4:13

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