FX.co ★ Technical analysis of GBP/CHF for December 23, 2015

GBP/CHF steadily moving downwards breaking each and every support level. It is clearly printing lower highs and lower lows.

The downtrend trendline has been rejected several times while the S1 support has been broken. Currently GBP/CHF is approaching a strong resistance - R1, which was support previously. This could be the starting point of the next wave down.

Consider selling GBPCHF while the price is near R1, targeting S2 support which is 261.8% Fibonacci retracement and potentially even lower. The stop loss could be placed well above the R1.

Support: 1.4645, 1.4470

Resistance: 1.4644