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FxWirePro: GBP/CHF Technical Outlook

Chart - Courtesy Trading View 

Technical Analysis: Bias Bearish

- GBP/CHF was trading 0.38% lower on the day at 1.2376 at around 16:25 GMT

- The pair has been rejected at 200-DMA and is extending weakness

- Price action broke below daily cloud and has tested major trendline support

- Momentum indicators are bearish. Stochs and RSI are sharply lower. RSI is well below 50 mark

- Price action is below 200H MA and major moving averages are trending lower

Support levels - 1.2315 (trendline support), 1.23, 1.2132 (Lower W BB)

Resistance levels - 1.2441 (55-EMA), 1.2456 (110-EMA), 1.2466 (21-EMA)

Summary: GBP/CHF trades with a bearish bias. Break below trendline support will plummet prices. Scope for dip till 1.2132. 
 

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