- Chart Pattern- Double top
- GBP/CHF has shown a major selling after hitting high of 1.3326 on Dec 1st 2017. The pair declined after hitting low of 1.31389 and jumped till 1.32536. The slight dip in GBP was due to uncertainty on Brexit negotiations. UK PM Theresa May is set to meet Claude Jucker EU commission president and will try to reach a deal on Brexit divorce. It is currently trading around 1.32265.
- The European Union says their working lunch in Brussels is the “absolute deadline for progress on separation issue. The talks will be on main three issues such as Irish border citizen’s right and divorce bill.
- The pair was facing strong resistance at 1.32535 (61.8% of 1.3326 and 1.31389) and any convincing break above will take the pair to next level till 1.3330/1.34290 (50% retracement of 1.4618 and 1.1783)/1.3560 (161.8% retracement of 1.33296 and 1.2955). Short term bullish invalidation only below 1.300.
- On the lower side, near term support is around 1.3142 (233- H MA) and any break below will drag the pair to next level till 1.3100/1.3030/1.3000. Overall bullish invalidation only below 1.29550.
It is good to sell on rallies around 1.3275-80 with SL around 1.3330 for the TP of 1.3180.
