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GBP/CHF intraday: the RSI is oversold
2024-03-13
896
1.1226 is our pivot point.
Our preference: the downside prevails as long as 1.1226 is resistance.
Alternative scenario: the upside breakout of 1.1226, would call for 1.1249 and 1.1263.
Comment: the RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1.1238 and 1.1246). Finally, the GBP/CHF is trading below its lower Bollinger band (standing at 1.1211).
Supports and resistances:
1.1263 **
1.1249 *
1.1226 **
1.1217
1.1207 last
1.1170
1.1156 **
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