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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