FX.co ★ GBP/CHF Is Testing Major Resistance, Time To Sell

Price is testing major resistance at 1.3434 (Fibonacci extension, bearish harmonic formation) and a strong drop could occur from here to push the prices all the way down to 1.3145 (Fibonacci retracement, horizontal pullback support). We have our stop loss at 1.3522 (Fibonacci extension, above major swing high resistance) to give our trade some breathing space.

Stochastic (89,5,3) is seeing major resistance below 96% and a corresponding reaction could occur at this level.

Sell below 1.3434. Stop loss at 1.3522. Take profit at 1.3145.