FxWirePro: GBP/CHF Trade Idea

• Chart pattern- Descending triangle pattern.
   
• Major support – 1.2950
   
• GBP/CHF has recovered slightly after forming a bottom at 1.29528 on Sep 25th 2017. The pair jumped till 1.3108 and is currently trading around 1.29950.
   
• The pair should break below 1.2950 for bearish continuation and any break below will drag the pair to next level till 1.2900/ 1.2820 (38.2% fibo).
   
• On the higher side, near term resistance is around 1.3000 and any break above will take the pair to next level till 1.3030 (55- H EMA)/1.3055 (233- H MA).

It is good to sell below 1.2950 with SL around 1.3000 for the TP of 1.2825. 

Resistance
               

R1- 1.3000

 

R2 1.3030
 

R3- 1.3055
 

Support               
 

S1- 1.2950
 

S2-1.2900
 

S3-1.2820