GBP/CHF ST: the RSI is overbought

GBPCHF

Trading Central 2021-02-23 17:50:20

Our pivot point stands at 1.2459.

Our preference: the upside prevails as long as 1.2459 is support.

Alternative scenario: below 1.2459, expect 1.2290 and 1.2190.

Comment: the RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.2360 and 1.2168). Finally, the GBP/CHF is trading above its upper Bollinger band (standing at 1.2637).

Supports and resistances:

1.3192 **

1.3090 *

1.2989 **

1.2888

1.2681 last

1.2525

1.2459 **

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