In the M15 time frame, GBP/CHF is showing the signs of weakness after breaking below the downtrend trendline as well as 200 Moving Average.
Fibonacci applied to the channel breakout point shows that the pair is right at the R2 (1.4698) that is 61.8% Fib level. At the same time, GBP/CHF is trading near 200 Moving Average that should now act as resistance. Demarker oscillator shows that the price is in overbought condition and is near the top of the descending channel.
Unless the pair breaks above R2, it looks very bearish and should continue to move lower. Consider selling near R2 targeting 0% Fibonacci area, which is S3 support at 1.4591.
Support: 1.4657, 1.4632, 1.4591
Resistance: 1.4678, 1.4698
