- GBP/CHF is extending downside for 4th successive session, breaks below 50-DMA at 1.3227.
- Technical indicators on daily charts are biased lower. RSI and Stochs are sharply lower.
- MACD has shown a bearish crossover and we see -ve DMI dominance along with ADX support.
- The pair has taken support at 100-DMA at 1.3113 and edged higher, break below will see further weakness.
- Below 100-DMA we see next major support at 38.2% Fib at 1.30 ahead of 1.2955 (Nov 15 low).
- 20-DMA at 1.3276 is major resistance, bearish invalidation on break above.
Support levels - 1.3111 (100-DMA), 1.30 (38.2% Fib), 1.2955 (Nov 15 low)
Resistance levels - 1.3191 (23.6% Fib), 1.3234 (cloud top), 1.3276 (20-DMA)
Recommendation: Good to short break below 100-DMA, SL: 1.32, TP: 1.30/ 1.2955
FxWirePro Currency Strength Index: FxWirePro's Hourly GBP Spot Index was at -47.2882 (Neutral), while Hourly CHF Spot Index was at 95.4782 (Bullish) at 1030 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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