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  |   Technicals


FxWirePro: GBP/CHF Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis:

- GBP/CHF was trading 0.16% lower on the day at 1.1439 at around 15:30 GMT

- The pair slipped lower from session highs at 1.1508 and is testing 5-DMA support

- Momentum is bearish, Stochs and RSI are biased lower, RSI is below 50

- MACD and ADX support downside. Chikou span is biased lower

- GMMA indicator shows major and minor trend are strongly bearish

Support levels:

S1: 1.1434 (5-DMA)

S2: 1.1381 (Lower BB)

Resistance levels:

R1: 1.1480 (200H MA)

R2: 1.1533 (21-EMA)

Summary: GBP/CHF trades with a bearish bias. Long upper wicks on the daily candles suggest selling pressure at highs. 5-DMA is immediate support, break below will see more downside. 

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