FxWirePro: GBP/CHF consolidates break above 200-DMA, bias bullish

GBP/CHF chart on Trading View used for analysis

• GBP/CHF trades rangebound on the day at 1.2999 at 0515 GMT.
   
• The pair is extending consolidation after break above 200-DMA in previous session.
   
• Technical bias remains bullish, scope for test of 61.8% Fib at 1.3241 on upside continuation.
   
• Momentum with the bulls, we see rise in volatility and price action above daily cloud.
   
• Next major bull target above 200-DMA lies at 50% Fib at 1.3052 ahead of 1.3172 (Nov 8 high).
   
• Immediate support lies at 200-DMA at 1.2946. Break below 110-EMA will see further weakness.

Support levels - 1.2946 (200-DMA), 1.2916 (5-DMA), 1.2862 (38.2% Fib)

Resistance levels - 1.3052 (50% Fib), 1.31, 1.3172 (Nov 8 high) 

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.