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GBPCHF has shown a huge jump yesterday after breaking major resistance 1.3330 as the UK reaches deal with the EU.
The pair hits high of 1.3469 while articulating and currently with spot rates at 1.3377 levels.
The major points in the agreement between EU and UK are both EU and UK citizens can stay in any of the respective countries. There will no hard border for Ireland and no barriers between north, south, east and west.
The UK PM and European Commission to meet today to sign off a 15-page progress report. Market awaits US non-farm payroll jobs data today for further direction
The pair was struggling to break major resistance 1.3330 high made on Nov 1st 2017 and jumped almost 100 pips from that level.
The pair’s instantaneous stiff resistance is observed at around 1.3470 (161.8% retracement of 1.31965 and 1.28302) and any break-out above these levels would likely drag the pair upto next level till 1.3500/1.3560 (161.8% retracement of 1.33296 and 1.2955).
On the flip side, immediate support is seen at around 1.3360 (38.2% retracement of 1.3185 and 1.34695) and any break below will drag the pair to next level till 1.3330 (resistance turned into support)/1.3260 (7- day MA)/1.3205 (10- day MA). Short-term weakness below 1.31850. Overall bullish invalidation only below 1.29550.
Trade tips: Contemplating above technical rationale, on trading perspective, it is wise to add longs on dips around 1.3300 with SL around 1.3205 for the TP of 1.3465/1.3560.
Buzz the returns on this trade by buying double touch binary calls for upside targets upto 1.3465 levels, the strategy is likely to fetch exponential yields than the spot moves as the underlying FX most likely to spike higher levels on or before the expiry duration.
Currency Strength Index: FxWirePro's hourly GBP spot index has shown 8 (neutral), while hourly CHF spot index was at -59 (bearish) while articulating at 13:09 GMT. For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex
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