GBP/CHF: trade idea

Tatiana Norkina, an analyst at FBS


Bulls have not been able to get into the positive region second day in a row - the upper limit of the four-hour Ichimoku cloud prevents the breakdown. Coupled with the overbought market, this fact may work in favor of short-term bears, which could adjust the pair, at least in the area of 1.5080.

Oscillators are also going to decline. The MACD histogram has been reducing during the last session. The same result is for  RSI that is gradually decreasing.

Also one should pay attention to the daily timeframe. It is possible that a reversal pattern "hanged" is being formed on the candlestick chart. With due acknowledgment during today's session the bearish trend will long remain in force.


Technical levels: support - 1.5080, 1.5110; resistance - 1.5190.

Trading recommendations:

1. Sell - 1.5170; SL - 1.5200; TP1 - 1.5110; TP2 - 1.5080.

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