- Chart Pattern- Triple top
- GBP/CHF has shown a major selling after showing a minor jump above 1.3330 yesterday. The pair declined till 1.3234 and is currently trading around 1.32344. The slight dip in GBP was due to uncertainty on Brexit negotiations. UK PM Theresa May and EU failed to reach agreement in Brexit negotiations. Pound sterling reversed its gains after no deal was made between UK and EU on Brexit negotiations.
- UK PM Theresa May and Juncker were forced to stop meeting after Irish DUP said it would not accept a deal that treat Northern Ireland differently from the rest of UK.
- The pair was facing strong resistance at 1.32535 (61.8% of 1.3326 and 1.31389) and any convincing break above will take the pair to next level till 1.3330/1.34290 (50% retracement of 1.4618 and 1.1783)/1.3560 (161.8% retracement of 1.33296 and 1.2955). Short term bullish invalidation only below 1.300.
- On the lower side, near term support is around 1.3180 (38.2% retracement) and any break below will drag the pair to next level till 1.3135/1.3100/1.3030/1.3000. Overall bullish invalidation only below 1.29550.
It is good to sell on rallies around 1.3275-80 with SL around 1.3330 for the TP of 1.3180.