GBP/CHF may try to recover
Trade idea
BUY at 1.26; TP1 1.2680; TP2 1.2775; SL 1.2560
On W1, GBP/CHF formed a “hammer” candlestick at the support line from the 2016 lows. The recent minimum of the price is not confirmed by MACD. As a result, a retracement to the upside seems likely.
On D1, the candlestick formed on Friday also has a long lower wick. A return below 1.25 is needed to reestablish the bearish pressure.