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FxWirePro: GBP/CHF capped below 21-EMA, good to stay short on break below 5-DMA

GBP/CHF chart on Trading View used for analysis

  • GBP/CHF rejected at session highs at 1.2550, trades muted at 1.2516 at 1100 GMT.
     
  • The pair trades below daily cloud and major moving averages, bias still bearish.
     
  • Price action capped between 21-EMA and 5-DMA, breakout could provide clear directional bias.
     
  • Break below 5-DMA will see dip till 1.2460 (Sept 4 low) ahead of 1.2379 (Dec 10 low).
     
  • On the flipside, breakout above 21-EMA negates bearsih bais. Test of 55-EMA at 1.2669 then likely.

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

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