Chart - Courtesy Trading View
Spot Analysis:
GBP/CHF was trading 0.21% lower on the day at 1.2488 at around 16:00 GMT
Previous Week's High/ Low: 1.2563/ 1.2416
Previous Session's High/ Low: 1.2535/ 1.2478
Technical Analysis:
- GBP/CHF pauses upside shy of 200-DMA resistance
- Bearish engulfing candlestick pattern on the daily candle raises scope for downside
- RSI has turned South, but holds above the 50 mark, Stochs are biased higher
- GMMA indicator shows major and minor trend are bullish
Major Support and Resistance Levels:
Support - 1.2455 (20-DMA), Resistance - 1.2554 (200-DMA)
Summary: GBP/CHF keeps scope for weakness. Watch out for close below 5-DMA for further downside.
