FX.co ★ GBP/CHF

Hello traders, Movement of GBPCHF based on Fibonacci levels. The market price of 1.07891 is currently between the 0% level at 1.07534 and the 50% level at 1.08167, formed by the Fibonacci grid. The upper point of the 100% level is set at yesterday's Daily HIGH corresponding to the price of 1.08800. The lower point of the 0% level is at Daily LOW-1.07534. Being at the lower part of the daily candle forms a bearish pattern, from the levels of 23.6% (1.07833), 38.2% (1.08018), up to the extreme bearish resistance at 50% (1.08167), above which control should be maintained to prevent the market from moving above it. Market consolidation above the 50% level (1.08167) develops a bullish direction towards the 100% level (1.08800). This scenario allows for looking for a buying entry point after the market returns to the Fibonacci level of 50% (1.08167) from the opposite side. Take profits from sales are placed at levels -23.6% (1.07235) and -38.2% (1.07050) where the price stops, as the market tends to move in the opposite direction, leading to the desired profit loss.