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GBP/CHF analysis: bullish momentum builds as the price breaks a key resistance

By: Invezz

February 05, 2024 at 06:19 AM EST

GBP/CHF trading strategy

Buy/sell asset: Buy GBP/CHF
Entry price: 1.09536
Stop loss: 1.09044
Leverage: 2x
Take profit 1: 1.09800
Take profit 2: 1.09300
Take profit 3: 1.09887
Timeframe: 1-2 weeks
Maximum profit: 1.9%
Maximum loss: 0.6%

GBP/CHF chart and technical analysis

GBP/CHF recently broke a key resistance zone of 1.09536 and the price will probably break above the previous high and retest the 1.10887 resistance level in the coming days. The price is likely to retrace back to the 1.09536 level for correction which now will act as a support level.

Moreover, the Swiss franc is likely to drop after reaching an all-time high. As the Swiss franc weakens and drops the price of GBP/CHF is likely to reach new highs.

I will wait for the price to retrace back to the 1.09536 support before entering long trades and my recommended target for this trade is the 1.10887 daily resistance level.

GBP/CHF fundamental analysis

Fundamentally, the price of GBP/CHF is likely to remain stable and follow the price action as there are no major fundamental events that could impact the price of GBP/CHF substantially.

However, I would recommend watching this trade while the Jobless data is published on the US dollar on Thursday and unemployment data on CHF on Wednesday.

British pound to Swiss franc trade idea takeaways

GBP/CHF broke and closed above a key resistance level recently.
The price will possibly reach the 1.10887 resistance level in the coming days.
Multiple take-profit levels have been added to secure profit along the way.
The risk-to-reward ratio on this trade is 1:3.
The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.
Good luck!

The post GBP/CHF analysis: bullish momentum builds as the price breaks a key resistance appeared first on Invezz

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