FxWirePro: GBP/CHF Near-Term Outlook

GBP/CHF chart - Trading View 

• GBP/CHF trades 0.25% lower on the day at 1.3129 at 1300 GMT.
   
• The pair is extending weakness for the 4th straight session, bias bearish.
   
• Stochs have rolled over from overbought levels and MACD is on verge of bearish crossover on signal line.
   
• We also evidence a bearish divergence on RSI and Stochs which adds to the bearish bias.
   
• Upside was capped at 5-DMA and 5-DMA has turned south. 
   
• We see immediate support at 23.6% Fib at 1.3075 ahead of 38.2% Fib at 1.2917.

Support levels - 1.3075 (23.6% Fib), 1.2938 (55-EMA), 1.2917 (38.2% Fib)

Resistance levels - 1.3208 (5-DMA), 1.33, 1.3330 (Feb 27, 28 high)

Recommendation: Good to go short on upticks, SL: 1.32, TP: 1.3075/ 1.30/ 1.2920

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.