GBP/CHF chart - Trading View
GBP/CHF was trading 0.47% lower on the day after closing 1.11% lower in the previous session.
The pair witnessed some aggressive long-unwinding trade on Thursday and erased its weekly gains to the highest level since Dec 2019.
A runaway rally in the US bond yields raised fears about distressed selling in other assets and triggered a fresh wave of the global risk aversion, weighing on the pair.
Technically, the pair is poised to witness more weakness as price has retraced below crucial resistances at 200W MA and 55 month EMA.
MACD is on verge of bearish crossover on signal line and Stochs and RSI are on verge of rollover from overbought levels.
Price action now trades pivotal around 200H MA support. Decisive break below will cause more weakness.
Upside remains capped at 5-DMA and next bear target lies at 21-EMA at 1.2458 ahead of 1.2410 (5W MA)
