FX.co ★ GBP/CHF Technical Analysis and SHORT opportunity August 1, 2011

GBP/CHF is in an obvious downtrend making lower lows and lower highs.

As the view for the currency pair is bearish, we seek for short opportunities.

Level 1.3257 will be a good short entry due to:

1. Downtrend line meeting with the price roughly there.

2. Previous swing low ( June 2011 ).

3, Fibonatcci Cluster 38.2%, 50% of different swings.

SL should be closure above the downtrend line.

TP will be at 1.3067 then 1.2900.