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Chart - Courtesy Trading View
Technical Analysis: Bias Bearish
- GBP/CHF was trading 0.64% lower on the day at 1.2198 at around 10:20 GMT
- The pair is extending weakness for the second consecutive session after being rejected at 200-DMA
- MACD is on verge of bearish crossover on signal line, price action has slipped below daily cloud
- RSI is below 50 and biased lower, Stochs are on verge of bearish rollover from oversold levels
- Price action has slipped below 200H MA and GMMA indicator shows major and minor trend have turned bearish on the intraday charts
Support levels:
S1: 1.2110 (trendline support)
S2: 1.2058 (Lower W BB)
Resistance levels:
R1: 1.2216 (20-DMA)
R2: 1.2256 (21-EMA)
Summary: GBP/CHF poised for further downside, scope for test of major trendline support at 1.2110.
