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FxWirePro: GBP/CHF holds channel base support, further weakness only on break below

Chart - Courtesy Trading View 

Technical Analysis:

- GBP/CHF was trading 0.23% higher on the day at 1.1126 at around 09:10 GMT

- The pair action has bounced off channel base support, weakness only on break below

- Price action is below cloud and major moving averages which are trending neutral

- Back-to-back Hammer and Doji formations at channel base support limits further downside

- MACD and ADX still support weakness in the pair

Support levels:

S1: 1.1070 (Channel base)

S2: 1.1028 (Lower BB)

Resistance levels:

R1: 1.1166 (21-EMA)

R2: 1.1210 (55-EMA)

Summary: GBP/CHF pauses downside at channel base support, weakness only on break below. Technical indicators are biased lower. Rebound if any is likely to be shallow. 
 

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