FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (EURUSD and USDJPY) for the day
FxWirePro: GBP/CHF slips lower from session highs, markets braces for biggest BOE rate hike since 1995
Chart - Courtesy Trading View
GBP/CHF has been on a steady grind higher, breaks above 21-EMA as the British pound holds steady ahead of BoE 'Super Thursday'.
The pair has been trading 0.18% higher on the day at 1.1679 at around 09:35 GMT, slightly lower than session highs at 1.1705.
Expectations that the Bank of England would raise interest rates by 50 bps , highest level since late 2008, lend additional support to the British pound.
Uptick, however, lacked traction as investors remains wary ahead of the key central bank event risk.
Future interest rate hikes remain uncertain amid growing worries about a global economic downturn.
Focus would be on the post-meeting press conference, where comments by the BoE Governor Andrew Bailey could trigger volatility around the GBP crosses.
Support levels - 1.1647 (21-EMA), 1.1628 (20-DMA)
Resistance levels -1.1721 (Upper BB), 1.1790 (55-EMA)
Summary: GBP/CHF technical analysis is turning bullish. Stochs and RSI are biased higher. MACD and ADX support upside in the pair. Scope for test of 200-DMA. Retrace below 21-EMA negates any bullish bias.
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