GBP/CHF may fall 34 - 50 pips

Our pivot point is at 1.1455.

Our preference

The downside prevails as long as 1.1455 is resistance.

Alternative scenario

Above 1.1455, look for 1.1482 and 1.1497.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.1461 and 1.1462). Finally, the GBP/CHF is trading below its lower Bollinger band (standing at 1.1429).

Supports and resistances

1.1497 **

1.1482 *

1.1455 **

1.1445

1.1428 last

1.1394

1.1378 **

1.1362 *

1.1347 **

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