Short GBPCHF (Stop at 1.552)
The GBPCHF extended yesterday’s losses and now looks poised to continue its southern journey as technical developments begin to paint a bearish picture. It is worth noting that the pair is testing its descending trend line that remained intact since August. Meanwhile, the pair managed to break below its hourly channel, which points to increased losses in the near term. So long as price action is capped by the 1.54 level, downside risks remain. Indeed, I am short from 1.5352, with a stop at 1.552 and an open target.
GBPCHF Daily Chart
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.