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FxWirePro: GBP/CHF Daily Outlook

Chart - Courtesy Trading View 

GBP/CHF was trading largely muted at 1.1763 at around 10:34, after hitting session high and low at 1.1803 and 1.1725 respectively.

The pair is hovering near 18-month low of 1.17188 hit in last week's trade, bias remains bearish.

Price action is showing signs of downside exhaustion. Retrace above 5-DMA will see more gains.

Back-to-back Doji's seen on the daily candles suggests indecision to take prices lower.

The pair is trading well below daily cloud and Chikou span is biased lower. MACD and ADX supports downside.

GMMA indicator shows major and minor trend are bearish. But, price action is moving away from lower Bollinger Band.

Support levels:

S1: 1.1700

S2: 1.1663 (Lower BB)

Resistance levels:

R1: 1.1784 (5-DMA)

R2: 1.1858 (200H MA)

Summary: GBP/CHF extends sideways grind, shows signs of downside exhaustion. Major trend remains bearish. Upticks are likely to be limited. 

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