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FxWirePro: GBP/CHF Near-Term Outlook

GBP/CHF chart - Trading View 

Technical Analysis: Bias Bearish

- GBP/CHF is extending weakness for the 3rd straight session

- The pair is on track to close below 200-week MA

- Momentum is strongly bearish, Stochs and RSI are sharply lower

- The pair grinds lower in Sloping channel pattern and is testing 38.2% Fib

- GMMA indicator shows bearish shift in the near-term moving averages

Support levels - 1.2542 (38.2% Fib), 1.2515 (55-week EMA), 1.2378 (38.2% Fib)

Resistance levels - 1.2598 (5-DMA), 1.2620 (21-EMA), 1.2659 (200-DMA)

Summary: GBP/CHF was trading with a strong bearish bias. Scope for test of 50% Fib at 1.2378
 

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