GBP/CHF: Trade ideas for August 25
The GBPCHF has made a bullish retracement to the 61.8 Fibo level, where this pair encountered resistance at the 200 EMA (green line) and made a pullback to the support level of 1.5142, where is located the 50.0 Fibo level on the H1 chart. Now, it is likely that the GBPCHF begin to fall again, due to the resistance level of 1.5152 is very strong.
This pair could eventually fall to the support level of 1.5099, where the GBPCHF could begin to form a bearish pattern. If the GBPCHF manages to make a breakout at the support level of 1.5088, the next objectives would be the 1.5056 and 1.5002 levels. The CCI indicator is pointing downwards, so the GBPCHF could strengthen the bearish trend during this week.
Trading recommendations: Place sell orders if the GBPCHF does a breakout at the support level of 1.5088, with take profit at 1.5056 and 1.5002.