- GBP/CHF bears are lurking below the hourly resistance structure.
- There are prospects of a significant downside retracement.
GBP/CHF is meeting resistance and showing signs of exhaustion on the lower time frames.
The following is a top-down analysis that illustrates the daily chart’s prospects and the lower time frame’s structure.
Daily chart
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The daily chart is meeting resistance and there are prospects for a significant resistance with the 50% mean reversion marked as a reasonable downside target that has a confluence with old resistance.
4-hour chart
-637525762315499466.png)
The 4-hour chart’s 50% mean reversion is slightly higher meeting prior resistance.
Hourly chart
-637525764799337378.png)
There was some slight divergence on the RSI but bears will want to see the 8 open vs the 8 close part ways again to confirm the bearish bias prior to looking for an optimal entry.
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