GBPCHF has been bullish on the Daily chart. The price has kept making new higher high. On its way of this bull journey, it broke a significant level of resistance. Thus, if the price comes back to this level and produces a Daily reversal signal, then buying the pair would get some green pips for the buyers. Let us have a look at the Daily chart of GBPCHF…
As we see on the chart, that the price started its bull journey from 1.22650. It went up to 1.28800 and had a pull back. However, a Daily candle breached through the level and the price continued to go towards the upside. Here 1.30550 has been the new resistance. If the price comes back to the flip over support level, in this case it is 1.28800 and produces a Daily reversal candle right on the level, then buying would be the best option as far as the daily chart is concerned.
Let us have a look at the summary of the trade
- Buy Limit Order: 1.28800
- Stop Loss Level: 1.27800
- Take Profit Target: 1.30550
The price has huge potential to breach the level of 1.30550 and make a new higher high. However, since it is the daily chart, so we are going to set our take profit at 1.30550. Alternatively, we can take our partial profit out at that level and let the rest of the trade run to earn more pips. We should not put the whole trade into risk to earn those extra pips.
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We hope that you enjoy our Free Forex Trading Signal today: GBPCHF Free Forex Trading Signals – 12th May 2017
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