Forex Trade Idea: GBPCHF – Approaching Major Support Zone | Jan 15

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Forex Trade Idea: GBPCHF – Watching Major Support Zone For Buy Setup (daily chart)

Price Action Context

Gaining heavily to end last year and heading into the UK election, the GBP pairs have sold off from the Dec 19′ highs and are starting to offer some potential value plays.

The GBPCHF forex pair is only a couple handles away from a major support zone between 1.2303 and 1.2169 which I’m expecting some longs to be parked and shorts to take some profits.

gbpchf forex trade idea 2ndskiesforex

Trending Analysis

ST bearish but MT neutral – bullish while above the support zone on a weekly closing basis.

Key Support & Resistance Levels

R: 1.28, 1.30

S: 1.2303, 1.2169

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