FxWirePro: GBP/CHF finds stiff resistance at 1.31, break above to see further upside

GBP/CHF chart on Trading View used for analysis

• GBP/CHF is trading largely unchanged at 1.3060 at 1140 GMT.
   
• The pair has bounced off 20-DMA support and we see weakness only on break below.
   
• Technical studies support upside in the pair. Price action above cloud and major moving averages.
   
• Momentum studies are bullish. RSI is above 50 and bias is higher.
   
• We see stiff resistance at 1.31 (major trendline resistance). Break above will see upside continuation.
   
• 5-DMA is immediate support at 1.3064. Break below 20-DMA will see further weakness.

Support levels - 1.3063 (5-DMA), 1.2992 (20-DMA), 1.2871 (55-EMA)

Resistance levels - 1.31 (trendline), 1.3120 (Jan 28 high), 1.3172 (Nov 8 high)

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