GBP/CHF is trading in the range within a slightly descending channel. The pair started to decline after a clean bounce off the upper channel trendline on the 6th of September where 1.3100 psychological resistance was rejected.
GBP/CHF broke below 50 and 200 Moving average signaling potential strength of a downtrend. Currently it is testing the resistance at 50% Fibs (1.2826), where 200 Moving Average is also showing resistance.
With overall weakness of the pair, consider selling GBP/CHF while the rate is near 1.2826 resistance, targeting either a potential double bottom near 38.2% Fibs (1.2735) or 23.6% Fibs (1.2623) which also corresponds with the descending channel breakout level. Stop loss should be placed not lower than 61.8% Fibs (1.2916).
Support: 1.2735, 1.2623
Resistance: 1.2825, 1.2916
