GBP/CHF: bearish retracement
By Felipe Erazo
On the H1 chart, the GBPCHF has had a bullish momentum that has allowed this pair has risen to the level of 1.5301, where the GBPCHF began performing a bearish retracement. During yesterday's session, the pair made a bullish rebound on 38.2 Fibo level (1.5224) and now the GBPCHF is trying to consolidate above the level of 1.5254 (23.6 Fibo level).
Chart. Daily GBP/CHF
However, it is very likely that this pair to fall back again to the 38.2 Fibo level, even to the 50.0 Fibo level (1.5201). However, the GBPCHF is overbought on daily chart, so expect this pair to start making moves in sideways for several more days. The CCI is above the level of -100 and GBPCHF remains above the 200 SMA.
Trading recommendation: We recommend to wait for a fall until the 50.0 Fibo level (1.5201), where probably this pair could do a bullish rebound, for place buy orders. By the way, there are no clear patterns at the moment for do a good intraday trading.
Chart. H1 GBP/CHF