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FxWirePro: GBP/CHF Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis:

- GBP/CHF was trading 0.31% lower on the day at 1.1803 at around 09:45 GMT

- The pair is poised to extend previous weeks' slump, closed 2.57 lower in the previous week

- GMMA indicator shows major and minor trend are strongly bearish on the daily and weekly charts

- Momentum is bearish and volatility is high and rising, likely to drag the pair lower

- Price action is below daily and weekly cloud, Chikou span is biased lower

Support levels:

S1: 1.0683 (Dec 2020 low)

S2: 1.1598 (Sept 2020 low)

Resistance levels:

R1: 1.1934 (5-DMA)

R2: 1.2063 (21-EMA)

Summary: GBP/CHF tests fresh 18-month low, poised for further downside. Dec 2020 low at 1.1683 in sight. 
 

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