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    Technical analysis of GBP/CHF for May 02, 2016 2016-05-02

    GBP/CHF is still trending down without being able to produce new higher high. Pair formed a strong resistance area between 1.4200 and 1.4300. Last week, this resistance was tested once again and rejected forming a bearish divergence on the RSI oscillator.

    Fibonacci applied to the descending channel breakout point shows that rate failed to test 23.6% after breaking below the 38.2% level. Consider selling GBP/CHF at the current rate (1.4040) targeting the 23.6% support - S5 (1.3360). The stop loss should be just above the R1 (1.4285).

    Support: 1.4000, 1.3820, 1.3680, 1.3535, 1.3360

    Resistance: 1.4285


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