Printable View
With the pair remaining in the encompassing channel formation and recent strength in the swissie, today’s scalp once again targets the downside as ongoing concerns regarding the US debt debate see haven flows diverted from the dollar into the swissie and the yen.
A failed attempt to breach above the 38.2% Fibonacci extension at 1.3190 today supports this view and accordingly our bias on the pair remains weighted to the downside.
GBP/CHF was trading at 1.2779, down 0.04% at time of writing.
The pair was likely to find support at 1.2522, Friday’s low, and resistance at 1.3387, Wednesday’s high.
If a M15 close above 1.3300 buy only and do not sell. If price closes back below it again do nothing.
If a M15 close below 1.3200 sell only and do not buy. If price closes back above it again do nothing
The range 1.3300 and 1.3200 is neutral area, any trade done in between is personal decision and not part of this analysis
Risk of a break lower would see a test of support at 1.2445/05 next. Above resist at 1.2885/1.2905 turns more constructive.
If a M15 close above 1.3200 buy only and do not sell. If price closes back below it again do nothing.
If a M15 close below 1.3100 sell only and do not buy. If price closes back above it again do nothing
The range 1.3200 and 1.3100 is neutral area, any trade done in between is personal decision and not part of this analysis
I expect a rebound from the support at 1.3620 and a new appreciation of the GBP toward the resistance near 1.3900. The quote is above all the three MA's, MACD is at a positive territory, stochastic is in the overbought zone but still not signaling for a drop-the indicators send signals for long.
If a M15 close above 1.4000 buy only and do not sell. If price closes back below it again do nothing.
If a M15 close below 1.3800 sell only and do not buy. If price closes back above it again do nothing
The range 1.4000 and 1.3800 is neutral area, any trade done in between is personal decision and not part of this analysis
It's important to notice that there's a previous consolidation area 1.2590-1.2400 marked on the chart which is considered an important support.
the chart is showing that the pair has closed it's daily candle under the level of 1.4000 , and that's mean that the down trend is still standing and the pair might reach 1.3950 and then 1.3900