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FxWirePro: GBP/CHF dips lower to refresh 18-month lows, outlook bearish

Chart - Courtesy Trading View 

Spot Analysis:

GBP/CHF is extending weakness, the pair refreshes 18-month low below 1.17 mark

Previous Week's High/ Low: 1.1896/ 1.1718

Previous Session's High/ Low: 1.1803/ 1.1718

Technical Analysis:

- GBP/CHF is extending weakness for the 3rd straight week

- Price action is below major moving averages which are trending lower

- Momentum is bearish and volatility is high and rising

- MACD and ADX support downside in the pair

- GMMA indicator shows major and minor trend are strongly bearish

Major Support and Resistance Levels:

Support - 1.1614 (Lower BB), Resistance - 1.1745 (5-DMA)

Summary: GBP/CHF trades with a bearish technical bias. Scope for test of new multi-month lows.
 

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