After testing the target level of 1.1411, which marked the highs of March and April 2023, GBP/CHF has reversed downward, forming a divergence with the daily Marlin oscillator.
The price now appears to be heading towards the support level at 1.1317, aligning with the lows from May 9 and the highs from October 18, 2024. This support level is further reinforced by the MACD indicator line. If the price breaks below 1.1317, it may decline toward 1.1253. Continued bearish momentum could push the pair down to 1.1216, which is the low from June 18, 2024.
On the four-hour chart, the price is currently testing the MACD line (represented by the blue moving average), while the Marlin oscillator continues to decline within the bearish zone. The nearest target of 1.1317 is open.
