FxWirePro: GBP/CHF halts upside at 200-DMA, retraces into daily cloud post poor UK Retail Sales data

Chart - Courtesy Trading View 

Technical Analysis: Bias turning Bearish

- GBP/CHF was trading 0.77% lower on the day at 1.2314 at around 12:15 GMT

- The major plunges back into daily cloud after being rejected at 200-DMA resistance

- RSI has turned south and Stochs are on verge of bearish rollover from overbought level

- Price action is holding support at 200H MA and break below will see more weakness

Fundamental Overview:

Disappointing UK Retail Sales figures weighed on the British pound, pushing the pair lower.

Data published by UK Office for National Statistics showed retail sales declined by 1.4% in March as against expectations for a reading of -0.3%. 

Further, core retail sales (excluding auto motor fuel sales) also missed forecasts and fell by 1.1% during the reported month.

Support levels - 1.2286 (55-EMA), 1.2266 (21-EMA), 1.2219 (20-DMA)

Resistance levels - 1.2340 (110-EMA), 1.24, 1.2443 (200-DMA)

Summary: GBP/CHF halts upside at 200-DMA. Bias is turning bearish. Watch out for break below 55-EMA for further downside.