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GBP/CHF intraday: the RSI is overbought
2024-04-26
640
1.1408 is our pivot point.
Our preference: the upside prevails as long as 1.1408 is support.
Alternative scenario: the downside breakout of 1.1408 would call for 1.1385 and 1.1371.
Comment: the RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.1404 and 1.1387). Finally, the GBP/CHF has crossed above its upper Bollinger band (1.1428).
Supports and resistances:
1.1503 **
1.1489 *
1.1475 **
1.1461
1.1431 last
1.1418
1.1408 **
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