Trade Recommendation: GBPCHF

The price broke the uptrend line and moved lower. A new attempt to return above 1.30700 was not successful. The price bounced from this level and it gave us a sell opportunity. Pending orders should be placed at 1.29780 level. Stop orders can be placed at 1.30800 level or above the next swing high at 1.31800 level. Profit targets are 1.28500 and 1.27000 levels. MACD and DMI support downward movement. The daily chart also gives bearish signals but the price is near SMA50 which is a support line. We should be ready to see a short term upward movement before falling to the target levels. Don’t risk more than 3% from your deposit in this trade.

Market: GBPCHF
Sell: 1.29780
Stop: 1.30800
Profit Targets: 1.28500 and 1.27000

 

Author:
Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years trading experience. The main covered markets are Forex, Commodity, Cryptocurrency. Provides personal education for those who are interested in profitable trading. Entries in TOP 10 among TradingView authors.