GBPCHF REPORT 14-03-2019

GBP/CHF: Bulls have given valid breakout of ascending triangle pattern.

By looking at the daily chart we can see that pair is trading and sustaining above the key resistance level with fantastic volumes. As we have mentioned in our previous report that bulls will give us valid breakout of 1.3150 level and bulls did the same and we have received a fabulous bullish attack. Currently pair has arrived at 1.3310 level which above the key resistance line and a sign of further bullish sentiments. There are high chances that we may see pair at 1.3500 and 1.3700 level in near term as we can see that every candle is making successively higher highs and higher lows.

The short term to intermediate term trend is up so in an uptrend market always buy on dips which will be profitable strategy. From technical prospective we can see that pair has bounced from  exact 50% level of fibonacci retracement line ( from 1.3842 to 1.2468 level ) so from here once again we are expecting that bulls will follow the main trend and will mark a fresh high. Traders and investors are advised to go for long at the current levels with the strict stop loss below 1.30000.  

Odds are in favor of bulls and intraday bias remains bullish on the pair as long as 1.3000 level remains intact. 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 1.2950 is immediate support level followed by 1.2850 level whereas 1.3500 level is immediate resistance level followed by 1.3750.