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- Chart pattern- Descending triangle pattern.
- Major support – 1.2950
- GBP/CHF has recovered slightly after forming a bottom at 1.29528 on Sep 25th 2017. The pair jumped till 1.3108 and is currently trading around 1.29950.
- The pair should break below 1.2950 for bearish continuation and any break below will drag the pair to next level till 1.2900/ 1.2820 (38.2% fibo).
- On the higher side, near term resistance is around 1.3000 and any break above will take the pair to next level till 1.3030 (55- H EMA)/1.3055 (233- H MA).
It is good to sell below 1.2950 with SL around 1.3000 for the TP of 1.2825.
Resistance
R1- 1.3000
R2 1.3030
R3- 1.3055
Support
S1- 1.2950
S2-1.2900
S3-1.2820
