7647112 7/13/2017 6:14 PM, GBP/CHF intraday: the RSI is overbought


1.2451 is our pivot point.


Our preference

: the upside prevails as long as 1.2451 is support.


Alternative scenario

: the downside breakout of 1.2451 would call for 1.2413 and 1.2391.


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 positive and above its signal line. The configuration is positive. Moreover, the pair is above its 20 and 50 MAs (respectively at 1.2448 and 1.2436).


Supports and resistances

:

1.2604 **

1.2582 *

1.2559 **

1.2537

1.2490 last

1.2465

1.2451 **

1.2413 *

1.2391 **