GBP/CHF is a top mover today and Sterling turns soft in early US session. Meanwhile, Swiss Franc is supported by expectations of more US sanctions on Iran.

GBP/CHF extends recent decline from 1.3399 to as low as 1.2364. 1.2297 support is next and we’d expect a solid break there to resume whole fall from 1.3854. Next target will be 100% projection of 1.3854 to 1.2297 from 1.3399 at 1.1842.

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In the longer term picture, GBP/CHF remains held below 55 month EMA. And it has indeed be rejected there twice since 20184. Monthly MACD also looks like it’s rejected by zero line too. Both are rather bearish developments. For now, we’re favoring an eventual break of 1.1701 low at least, subject to downside momentum.

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