Chart - Courtesy Trading View
Technical Analysis: Bias Bearish
- GBP/CHF was trading 0.38% lower on the day at 1.2376 at around 16:25 GMT
- The pair has been rejected at 200-DMA and is extending weakness
- Price action broke below daily cloud and has tested major trendline support
- Momentum indicators are bearish. Stochs and RSI are sharply lower. RSI is well below 50 mark
- Price action is below 200H MA and major moving averages are trending lower
Support levels - 1.2315 (trendline support), 1.23, 1.2132 (Lower W BB)
Resistance levels - 1.2441 (55-EMA), 1.2456 (110-EMA), 1.2466 (21-EMA)
Summary: GBP/CHF trades with a bearish bias. Break below trendline support will plummet prices. Scope for dip till 1.2132.
