October 17, 2018
The GBP/CHF is trading at 1.3068 level which is above the major and minor EMA lines. We can see on the daily chart the pair remains within an established rounding bottom pattern, which is itself a strong bullish pattern. Well the way bears are dominating the bulls it seems like bulls are driving the car and travelling towards north side.
By looking at the daily technical chart we can see that pair has given us a valid breakout of downtrend line and presently pair is trading and sustaining above the downtrend line from an intermediate point of view whereas a short term uptrend line has occurred on the daily chart which is a recent development.Traders and investors are advised to go for long in the pair with a strict stop loss of 1.2884 level. On contrary a reversal below the stop loss will change the outlook from bullish to bearish.
As we have mentioned in our previous report that bulls will approach 50% Fibonacci retracement level first and bulls did the same so we are hoping that our readers must have made a smart profit from this 200 pips move. Odds are in favor of bulls and intraday bias remains bullish on the pair as long as 1.2884 level remains intact. Some profit booking can’t be ignored but that should be taken as buying opportunity for those who has missed earlier.
A bullish crossover on MACD indicator along with a bullish divergence on MACD is supporting the bulls and RSI is also favoring the bulls from above 50 territory. The 1.2750 is immediate support level followed by 1.2600 level whereas 1.3309 level is immediate resistance level followed by 1.3450.
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