GBP/CHF intraday: the RSI is overbought

GBPCHF

Trading Central 2021-02-23 18:23:07

Our pivot point stands at 1.2651.

Our preference: the upside prevails as long as 1.2651 is support.

Alternative scenario: the downside breakout of 1.2651 would call for 1.2626 and 1.2612.

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 1.2620 and 1.2608). Finally, the GBP/CHF is trading above its upper Bollinger band (standing at 1.2678).

Supports and resistances:

1.2759 **

1.2744 *

1.2730 **

1.2715

1.2685 last

1.2660

1.2651 **

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