GBP/CHF intraday: above its upper Bollinger band

Trading Central 2021-01-13 17:36:04

Our pivot point is at 1.2110.

Our preference: the upside prevails as long as 1.2110 is support.

Alternative scenario: the downside breakout of 1.2110 would call for 1.2059 and 1.2029.

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 1.2124 and 1.2113). Finally, the GBP/CHF has crossed above its upper Bollinger band (1.2147).

Supports and resistances:

1.2303 **

1.2274 *

1.2244 **

1.2214

1.2153 last

1.2129

1.2110 **

Disclaimer
The trading strategy containing reference trading prices and analysis opinions is provided by the third-party provider Trading Central.And the trading strategy is only the personal research and judgment by analysts,which is not a statement of facts.No representation or warranty is given as to the accuracy or completeness of this strategy. Consequently any person acting on it does so entirely at their own risk. TOP1 accepts no responsibility for any use that may be made of these comments and for any consequences that result.

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