GBP/CHF may fall 65 - 98 pips

Our pivot point stands at 1.1219.

Our preference

The downside prevails as long as 1.1219 is resistance.

Alternative scenario

Above 1.1219, look for 1.1273 and 1.1305.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.1184 and 1.1187). Finally, the GBP/CHF has penetrated its lower Bollinger band (1.1171).

Supports and resistances

1.1305 **

1.1273 *

1.1219 **

1.1197

1.1170 last

1.1105

1.1072 **

1.1040 *

1.1008 **

Number of asterisks represents the strength of support and resistance levels.