Chart - Courtesy Trading View
Technical Analysis:
- GBP/CHF was trading 0.31% lower on the day at 1.1803 at around 09:45 GMT
- The pair is poised to extend previous weeks' slump, closed 2.57 lower in the previous week
- GMMA indicator shows major and minor trend are strongly bearish on the daily and weekly charts
- Momentum is bearish and volatility is high and rising, likely to drag the pair lower
- Price action is below daily and weekly cloud, Chikou span is biased lower
Support levels:
S1: 1.0683 (Dec 2020 low)
S2: 1.1598 (Sept 2020 low)
Resistance levels:
R1: 1.1934 (5-DMA)
R2: 1.2063 (21-EMA)
Summary: GBP/CHF tests fresh 18-month low, poised for further downside. Dec 2020 low at 1.1683 in sight.
