FxWirePro: GBP/CHF holds support at 55-EMA, good to stay short on break below

GBP/CHF chart - Trading View 

• GBP/CHF is trading 0.30% lower on the day at 1.3077 at 1255 GMT.
   
• The pair has bounced off 110-EMA support on Mar 31st trade. 
   
• Recovery failed to extend momentum above 21-EMA and the pair is extending choppy trade.
   
• 55-EMA offers strong support at 1.3049 and break below will likely see dip till 110-EMA.
   
• Price action has broken above 200-DMA and holds above daily cloud. We see bearishness only below 200-DMA.
   
• Prospects of another rejection for May’s Brexit deal continue to weigh on the British pound. 
   
• Incoming Brexit headlines will continue to the main driver for price action surrounding the British Pound.

Support levels - 1.3049 (55-EMA), 1.2974 (38.2% Fib), 1.2930 (trendline)

Resistance levels - 1.3143 (21-EMA), 1.3204 (Mar 27 high), 1.3330 (Feb 27/ 28 high)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.