Chart - Courtesy Trading View
Technical Analysis:
- GBP/CHF was trading 0.85% lower on the day at 1.1820 at around 11:50 GMT
- The pair has broken major major trendline support, raising scope for further downside
- MACD confirms bearish crossover on signal line, ADX supports downside
- Price action is below daily cloud, Chikou span is biased lower
- Momentum is bearish, volatility is high and rising, major moving averages are trendline lower
- GMMA indicator shows major and minor trend is strongly bearish
Support levels - 1.1683 (Dec 2020 low), 1.1598 (Sept 2020 low)
Resistance levels - 1.1982 (5-DMA), 1.2122 (200H MA)
Summary: GBP/CHF was trading with a bearish bias. The pair is set to extend weakness. Test of fresh multi-year lows likely.
