FX.co ★ GBP/CHF Long Term Technical Analysis & bearish opportunity August 15, 2011

GBP/CHF is in a long term downtrend.

Now the pair is retracing towards a strong resistance area.

This area 1.2880-1.3000 is a confluence of :

1. Fibonacci Level 61.8% of two down-swings.

2. Previous broken buttom now working as resistance.

3. Downtrend line coming roughly at the same area.

Best entry can be picked up when the pair gives bearish confirmation at the resistance area 1.2880-1.3000 on the 4H timeframe.

TP is 1.2707,1.2610 then 1.2430 & SL should be 4H closure above 1.3010.