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FxWirePro: GBP/CHF Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis:

- GBP/CHF was trading 0.85% lower on the day at 1.1820 at around 11:50 GMT

- The pair has broken major major trendline support, raising scope for further downside

- MACD confirms bearish crossover on signal line, ADX supports downside

- Price action is below daily cloud, Chikou span is biased lower

- Momentum is bearish, volatility is high and rising, major moving averages are trendline lower

- GMMA indicator shows major and minor trend is strongly bearish

Support levels - 1.1683 (Dec 2020 low), 1.1598 (Sept 2020 low)

Resistance levels - 1.1982 (5-DMA), 1.2122 (200H MA)

Summary: GBP/CHF was trading with a bearish bias. The pair is set to extend weakness. Test of fresh multi-year lows likely. 
 

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