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FxWirePro: GBP/CHF Trade Idea

FxWirePro Currency Strength Index for GBP/CHF: Bias Bullish

FxWirePro's Hourly GBP Spot Index was at 110.563 (Bullish)

FxWirePro's Hourly CHF Spot Index was at -73.3608 (Neutral)

Technical Analysis: Bias Bullish

- Pair is trading in a rising channel pattern

- Break above 5-DMA

- Momentum studies bullish, RSI biased higher

- MACD well in positive territory

- +ve DMI dominance on weekly charts

Fundamental Factors:

- Markets await UK first quarter GDP release. GBP could spike higher if GDP betters estimates.

Support levels - 1.3710 (5-DMA), 1.3677 (50% Fib), 1.3630 (20-DMA)

Resistance levels - 1.38, 1.3856 (Apr 18 high), 1.390 (channel top)

Recommendation: Good to go long around 1.3770/80, SL: 1.3710, TP: 1.38/ 1.3850/ 1.39

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