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GBP/CHF chart on Trading View used for analysis
- GBP/CHF edges lower, breaks below daily cloud, we see scope for further weakness.
- Brexit news will continue to remain a key driver impacting risk flows and demand for CHF.
- UK Prime Minister Theresa May is still trying to desperately force through a Brexit compromise amidst a rising opposition from within her own political party.
- Expect Brexit headlines to continue twisting sentiment towards the bearish side.
- Technical studies are also bearish, Stochs and RSI are sharply lower and MACD shows bearish crossover.
- Break below cloud has raised scope for further weakness, drag till 1.25 now likely.
Support levels - 1.2743 (Nov 19 low), 1.2592 (Aug 15 low), 1.2501 (Sept 21 low)
Resistance levels - 1.2788 (cloud bottom), 1.2849 (5-DMA), 1.2934 (110-EMA)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-GBP-CHF-Trade-Idea-1460485) has hit TP1.
Recommendation: Book partial profits, hold for further weakness.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
