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The GBP/CHF has maintained a well defined descending channel formation since the start of April as haven flows continued to support the franc. This pair was the topic of a scalp report last week where we attempted to fade the rally off of trendline resistance
The CHF is in a powerful momentum against any currency, but the more it is strengthening, the more it is likely to correct. Therefore, it would not be a good idea to enter the Swiss currency in its extreme levels, and waiting for correction and reversal is wiser.
GBP/CHF was trading at 1.2837, up 1.38% at time of writing.
The pair was likely to find support at 1.1673, Wednesday’s low, and resistance at 1.2892, Monday’s high.
In this pair, stretching the Fibonacci from the break-down level at 1.24 to the bottom at 1.14, shows that a the correction might hit 1.19-1.20
I expect an appreciation of the GBP toward the resistance near 1.3200.MA50 and MA20 cross bullish, MA200 resists the price, MACD signals for short long, stochastic sends signal for short. The indicators send contradictory signals.
the pair and as we can see from the chart has closed it's daily candle above the level of 1.3100 , so , that's mean the up trend is still standing and the pair is heading to 1.3150 then 1.3200
still hanging around the top of this week........an inside day bar with a doji pattern seem this pair want to go down soon.......i think the correction swing will start soon next week
GBP/CHF was trading at 1.3060, down 0.42% at time of writing.
The pair was likely to find support at 1.2693, Tuesday’s low, and resistance at 1.3216, Wednesday’s high.
as we can see from the chart has success in breaking the level of 1.3000 and now the pair is trading under it , that's mean the down trend is standing and the pair might head to 1.2970 then 1.2940
the pair and as we can see from the chart has closed it's daily candle under the level of 1.3000 , so , that's mean the down trend is still standing and the pair is heading to 1.2900 then 1.2870