GBP/CHF looks vulnerable

GBP/CHF looks vulnerable

2019-11-11 • Updated

Trade idea

SELL 1.2885; TP 1.2800; SL 1.2915

GBP/CHF found resistance in the 1.3100 area (resistance line connecting July and November highs). Only the support of the 100-week MA/200-day MA in the 1.2900 region keeps the pair from falling down to 1.28 and 1.2710 — 38.2% and 50% Fibonacci retracements of the December-January advance. On D1, 100- and 50-day MAs coincide with these levels as well. In addition, yesterday’s bearish candlestick with long upper wick points at the strength of sellers.

GBPCHF.png

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