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FxWirePro: Sell GBP/CHF on rallies

  • Major support – 1.31845 (38.2 % retracement of 1.2955 and 1.33226).
     
  • GBP/CHF has shown a minor recovery after hitting low of 1.31845 on account Swiss franc weakness against all majors. The slight dip in GBP was due to uncertainty on Brexit negotiations. The EU’s chief Brexit negotiator said that deadline of 48 hours to wrap up draft deal for further progress in Brexit. The major issues affecting Berxit negotiations is border dividing Ireland from North Ireland.
     
  • The pair was facing strong resistance at 1.3330 and any convincing break above will take the pair to next level till 1.34290 (50% retracement of 1.4618 and 1.1783)/1.3560 (161.8% retracement of 1.33296 and 1.2955). Short term bullish invalidation only below 1.300.
     
  • On the lower side, near term support is around 1.3180 (38.2% retracement) and any break below will drag the pair to next level till 1.3135/1.3100/1.3030/1.3000. Overall bullish invalidation only below 1.29550.

It is good to sell on rallies around 1.3275-80 with SL around 1.3330 for the TP of 1.3180.  

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