FxWirePro: GBP/CHF breaks above 38.2% Fib, eyes 200-DMA at 1.3127

GBP/CHF chart on Trading View used for analysis

• GBP/CHF has been on an upward spiral since beginning of the September month.
   
• The pair has broken major resistances and had cleared the 38..2% Fib retracement at 1.30.
   
• Price is extending upside for the 3rd straight week and technicals support further gains.
   
• The pair finds immediate resistance at 55W EMA at 1.31 ahead of 200-DMA at 1.3127.
   
• Breakout at 200-DMA will see further upside. Scope then for test of 61.8% Fib at 1.3322.
   
• Focus now on UK monthly GDP data. Analysts forecast a print at 0.1%, slightly lower from the previous month's 0.3%.
   
• A miss on expectations could dent GBP bulls. That said, renewed Brexit optimism will keep downside limited.

Support levels - 1.30 (converged 5-DMA and 38.2% Fib), 1.2824 (21-EMA), 1.2788 (23.6% Fib)

Resistance levels - 1.31 (55W EMA), 1.3127 (200-DMA), 1.3157 (50% Fib)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-GBP-CHF-breaks-into-daily-cloud-eyes-382-Fib-at-130-stay-long-on-dips-1436420) has hit all targets.

Recommendation: Watch out for breakout at 200-DMA for further upside.

FxWirePro Currency Strength Index: FxWirePro's Hourly GBP Spot Index was at 156.405 (Bullish), while Hourly CHF Spot Index was at -6.62996 (Neutral) at 0730 GMT.

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