FxWirePro: GBP/CHF Trade Idea

GBP/CHF chart on Trading View used for analysis

FxWirePro Currency Strength Index for GBP/CHF: Bias Bearish
FxWirePro's Hourly GBP Spot Index was at -110.347 (Bearish)
FxWirePro's Hourly CHF Spot Index was at 129.801 (Bullish)

Technical Analysis: Bias Bearish
- Momentum studies are bearish, RSI below 50, Stochs sharply lower
- Price action has broken below 55-EMA and has dipped into daily cloud
- MACD shows bearish crossover on signal line
- Break below cloud will see further weakness, drag till 1.25 likely

Support levels - 1.28, 1.2755 (Oct 30 low), 1.2592 (Aug 15 low)
Resistance levels - 1.2920 (5-DMA), 1.2939 (110-EMA), 1.3092 (200-DMA)

Recommendation: Good to stay short on upticks, SL: 1.2920, TP: 1.2785/ 1.27/ 1.26

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