GBP/CHF: choose a level for selling

GBP/CHF: choose a level for selling

2020-05-15 • Updated

GBP/CHF slipped below the 50-day MA this week. The line is currently acting as resistance at 1.1905. Earlier declines below it led to bigger moves down. This allows us to expect that the fall below 1.1850 will trigger a slide to 1.1785 (38.2% Fibonacci retracement of the March-April advance) in line with the longer-term downtrend. The next key level on the downside will be at 1.1650. Moving Averages on the H4 are getting in the negative order. The overall outlook will remain bearish as long as GBP/CHF is trading below resistance at 1.2000.  

Trade idea for GBP/CHF

SELL 1.1845; TP 1.1785; SL 1.1860

SELL 1.1990; TP 1.1870; SL 1.2010

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The level of 23.6% Fibonacci retracement at 1.3795 is in the focus on the H4. The next level to watch on the downside is 1.3755.

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Technical analysis for EUR/USD
Technical analysis for EUR/USD

EUR/USD found support at 1.1845 and is currently trading just below the 61.8% Fibonacci retracement of the March-May advance at 1.1920.

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