GBPCHF has been bullish on the daily chart for the last six weeks. The price has been heading towards the North by making breakouts towards the upside. The pair after finding support made a breakout at a down-trending trend line; the price had a consolidation; confirmed the trend line breakout and came out from the horizontal range. Since then the price has been bullish with good buying pressure.


Let us have a look at the GBP/CHF Daily chart


Chart 1 GBP/CHF Daily Chart

The chart shows that the price was down-trending before the trend line got breached. The price after making the breakout at the trend line had a long consolidation. A bullish Pin Bar followed by a bullish Engulfing Candle set a strong bullish tone, and the pair came out from the range by making a breakout at the horizontal resistance of the consolidation zone.

The price has found another horizontal support level where it had a strong bounce yesterday.


Let us have a look at the chart below


Chart 2 GBP/CHF Daily Chart

The chart explicitly shows that the level of 1.2350 is a significant level where the price had reacted heavily earlier. The level got breached, and yesterday's daily price had a strong bounce which eventually made the daily candle be a bullish Pin Bar. If today’s intraday price makes a breakout at the day before yesterday’s highest high, the price may head towards the North with more buying pressure. Today’s intraday price action has been bullish. Thus, there is a strong possibility that the price makes an upside breakout.


Let us now have a look at the H4 GBP/CHF chart


Chart 3 GBP/CHF H4 Chart

The chart shows that the price had a rejection from the level of 2.3480 and had a pullback. The level of 1.2350 has been working as the level of support here. After producing an H4 bullish engulfing candle at the support level, the price has headed towards the North, and it is right at the resistance level now. If the price continues to push towards the North and makes a breakout, then both the H4 and daily buyers are going to get themselves engaged in buying the pair.

Here is another equation we may count. If the price does not make an H4 breakout at the resistance level but comes towards the South, it may attract the H4 sellers to get them engaged in selling since it would be an H4 Double Top’s resistance. 

Equations favor the buyer more here. Let us now wait and see which way the next breakout takes place. 



100% Anonymous Trading on EagleFX - Trade NOW!

Risk Warning: CFD and Spot Forex trading both come with a high degree of risk. You must be prepared to sustain a total loss of any funds deposited with us, as well as any additional losses, charges, or other costs we incur in recovering any payment from you. Given the possibility of losing more than your entire investment, speculation in certain investments should only be conducted with risk capital funds that if lost will not significantly affect your personal or institution’s financial well-being. Before deciding to trade the products offered by us, you should carefully consider your objectives, financial situation, needs and level of experience. You should also be aware of all the risks associated with trading on margin.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex Analysis

Editors’ Picks

EUR/USD pressured around 1.13 after jump in US jobs

EUR/USD is trading around 1.13, down after US Non-Farm Payrolls shocked with a leap of 2.5 million jobs in May, contrary to all projections. The greenback is gaining while stocks are falling, a correlation breakdown. ECB stimulus previously supported the euro.


GBP/USD retreats from highs

GBP/USD is trading below 1.27, off the highs. The pound is struggling after Chief EU Negotiator Barnier reported little progress in Brexit talks. Robust US jobs support the dollar.


Gold sees weekly closing below $1700 - a caution for bulls

The steady decline in Gold prices (futures on Comex) accelerated on Friday, as the rates closed the week below the 1700 mark for the first time in three weeks at 1688.35. A weekly closing below the key 1700 level is unlikely to bode well for the bulls.

Gold News

Institutional demand exceeds Bitcoins supply

Greyscale floods the market with fresh money to satisfy the demand of its clients. Investors, willing to pay a 29% surcharge for exposure to Bitcoin without suffering the legal and operational inconveniences. Market remains at risk on the verge of new bullish territory.

Read more

WTI rallies above $39 as focus shifts to OPEC+ meeting

Crude oil prices built on Thursday's modest gains and rose sharply on Friday boosted by the upbeat market mood optimism surrounding Saturday's OPEC+ meeting. 

Oil News

Forex Majors