GBP/CHF may rise 33 - 49 pips

Our pivot point stands at 1.1172.

Our preference

Rebound.

Alternative scenario

The downside breakout of 1.1172 would call for 1.1145 and 1.1129.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price stands above its 20 period moving average (1.1183) but below its 50 period moving average (1.1211).

Supports and resistances

1.1276 **

1.1260 *

1.1244 **

1.1228

1.1195 last

1.1183

1.1172 **

1.1145 *

1.1129 **

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