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GBP/CHF: choose a level for selling

GBP/CHF: choose a level for selling

Information is not investment advice

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

GBPCHFDaily.png

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Is gold ready to shoot up?

Gold price formed a bearish harmonic ‘Butterfly’ pattern. Still, the detour to $1760 may be the decline it forecasts. In addition, even the pattern allows expecting the increase up to $1780.

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