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FxWirePro: GBP/CHF Daily Outlook

GBP/CHF chart - Trading View 

Technical Analysis: Bias turning Bullish

- GBP/CHF was trading 0.55% higher on the day at 1.2640 at around 11:00 GMT

- The pair is extending gains for the 2nd straight session after Doji formation on Tuesday's candle

- Price action has edged above 110-EMA and is testing intraday resistance at 200H MA 

- Stochs and RSI are showing a turn higher, GMMA shows minor trend has turned bullish on the intraday charts

- The pair has retraced dip below 200-week MA and has formed a 'Hammer' on the weekly charts till date

Support levels -  1.2621 (200-week MA), 1.2585 (5-DMA), 1.2538 (Lower BB)

Resistance levels - 1.2641 (200H MA), 1.2660 (21-EMA), 1.2684 (55-EMA)

Summary: Major trend for the pair is bearish. Failure to close below 200-week MA dents further downside. That said, recovery needs more evidence to confirm upside resumption. Cloud breakout will confirm bullish bias for the pair.

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