FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch(EURUSD and USDCAD) for the day
FxWirePro: GBP/CHF consolidates above daily cloud, Pound buoyed on Brexit optimism ahead of Sue Gray report
Chart - Courtesy Trading View
Technical Analysis: Bias Neutral
- GBP/CHF was trading 0.05% higher on the day at 1.2451 at around 10:20 GMT
- The pair was consolidating break above daily cloud and 110-EMA
- Long upper wicks on the daily candle suggest selling pressure at highs
- Momentum is turning bullish, RSI has edged above 50 mark
UK Foreign Secretary Liz Truss eyes significant progress in Brexit talks by February. Truss hoped to fast-track Brexit talks with hopes to get the support of pro-British unionists in Northern Ireland.
Further, delay in the Sue Gray report seems to underpin the pound amid hopes that UK PM Boris Johnson will easily overcome the political challenges.
Support levels - 1.2432 (Cloud top), 1.2414 (21-EMA), 1.2402 (55-EMA)
Resistance levels - 1.25, 1.2534 (200-week MA), 1.2560 (200-DMA)
Summary: GBP/CHF poised for further upside. Weakness only below daily cloud. Scope for retest of 200-DMA at 1.2560.