GBPCHF INTRADAY sideways consolidation capped at 1.1066The GBP/CHF currency pair remains under bearish pressure, in line with the broader downtrend. Recent price movement reflects an oversold rally that stalled near a key resistance level at 1.1120, which previously acted as an intraday consolidation zone.
This level now serves as a crucial pivot. If price fails to break above 1.1120 and faces rejection, it could trigger a continuation of the bearish trend with downside targets at:
1.0690 – Initial support
1.0600 – Medium-term target
1.0460 – Long-term support level
On the flip side, a confirmed breakout and daily close above 1.1120 would invalidate the bearish bias. This would open the door for a recovery toward:
1.1200 – First resistance above the breakout
1.1250 – Key upside target
Conclusion
The bearish bias remains intact below 1.1120, with oversold rallies likely to attract selling interest. A daily close above 1.1120 would be a bullish signal, potentially shifting momentum toward higher resistance levels.
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