In the M15 time frame, GBP/CHF is showing the signs of weakness after breaking below the downtrend trendline as well as 200
Fibonacci applied to the channel
breakout point shows that the pair is right at the R2 (1.4698) that is
61.8% Fib level. At the same time, GBP/CHF
is trading near 200 Moving Average that should now act as resistance. Demarker
oscillator shows that the price is in overbought condition and is near the top of
the descending channel.
Unless the pair breaks above R2, it
looks very bearish and should continue to move lower. Consider selling near R2
targeting 0% Fibonacci area, which is S3 support at 1.4591.
Support: 1.4657, 1.4632, 1.4591
Resistance: 1.4678, 1.4698
The material has been provided by InstaForex Company – www.instaforex.com