GBP/CHF intraday: the RSI is oversold
Our pivot point stands at 1.1142.
Our preference: the downside prevails as long as 1.1142 is resistance.
Alternative scenario: the upside breakout of 1.1142, would call for 1.1161 and 1.1172.
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 1.1145 and 1.1151). Finally, the GBP/CHF has penetrated its lower Bollinger band (1.1122).
Supports and resistances:
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