GBP/CHF - Bullish Flag Breakout & Strong Uptrend
Overview: The GBP/CHF pair has not only been in a strong uptrend but has also formed and broken out of a bullish flag pattern, further signaling the continuation of upward momentum. The breakout above the 1.2300 resistance level suggests a potential for further gains.
Technical Analysis:
Bullish Flag: A clear bullish flag pattern has formed, with a breakout confirming further upward movement.
Next Resistance Levels: 1.2550 and 1.2600
RSI: Currently at 65, indicating there’s still room for more upside.
Fundamental Analysis:
GBP Strength: Strong economic data from the UK, including better-than-expected GDP growth and improved employment figures, support the pound’s rise.
CHF Weakness: The Swiss National Bank’s (SNB) dovish stance continues to weaken the franc, providing a favorable environment for the pound’s strength.
Trading Strategy:
Targeting 1.14036 ,1.15070 , 1.16159
Stop Loss: Place a stop below 1.1120 to protect against downside risk.
Technical Analysis:
Bullish Flag: A clear bullish flag pattern has formed, with a breakout confirming further upward movement.
Next Resistance Levels: 1.2550 and 1.2600
RSI: Currently at 65, indicating there’s still room for more upside.
Fundamental Analysis:
GBP Strength: Strong economic data from the UK, including better-than-expected GDP growth and improved employment figures, support the pound’s rise.
CHF Weakness: The Swiss National Bank’s (SNB) dovish stance continues to weaken the franc, providing a favorable environment for the pound’s strength.
Trading Strategy:
Targeting 1.14036 ,1.15070 , 1.16159
Stop Loss: Place a stop below 1.1120 to protect against downside risk.
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