Source: PaxForex Premium Analytics Portal, Technical Insight
A sustained bearish bias is reflected by short-term momentum oscillators. RSI, however, posts a reading below 30 in the oversold area, suggesting a short-term rebound due to the exhaustion of sellers. While, momentum is falling in the selling area, and MACD bars are getting taller below the signal line.
GBP/CHF,D1
Pivot: 1.1324
Analysis:
While the price is below 1.1535, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.1324
- Take Profit 1: 1.1200
- Take Profit 2: 1.1100
Alternative scenario:
If the level of 1.1535 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.1535
- Take profit 1: 1.1720
- Take profit 2: 1.1860
Comment:
RSI shows a bearish sentiment.
Key levels:
| Resistance | Support |
| 1.1860 | 1.1200 |
| 1.1720 | 1.1100 |
| 1.1535 | 1.1000 |
