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FxWirePro: GBP/CHF pauses downside at major trendline support, outlook bearish

GBP/CHF chart - Trading View 

Technical Analysis: Bias Bearish

- GBP/CHF was trading 0.26% higher on the day at 1.2443 at around 11:10 GMT

- The pair has paused downside at major trendline support at 1.24, breach below to see further downside

- MACD is biased bearish. ADX is rising in support of the downtrend

- GMMA indicator shows major and minor trend are strongly bearish

- Volatility is high and momentum is strongly bearish, scope for further downside

Support levels - 1.24 (trendline), 1.2378 (50% Fib), 1.2318 (20-month MA)

Resistance levels - 1.2506 (5-DMA), 1.2542 (38.2% Fib), 1.2598 (200H MA)

Summary: GBP/CHF recovery lacks traction. Outlook is bearish. Break below 1.24 handle will drive more weakness. 
 

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