FxWirePro: GBP/CHF extends range trade, 55-EMA caps upside

Chart - Courtesy Trading View 

GBP/CHF was trading 0.22% higher on the day at 1.1228 at around 10:15 GMT, extends range trade for the second consecutive session.

The pair holds marginal gains as the British pound received a bit of boost on Bank of England (BoE) policymaker Catherine Mann's hawkish comments.

In a speech titled "The results of rising rates: Expectations, lags and the transmission of monetary policy" at the Resolution Foundation, in London, Mann said that more tightening is needed, and a pivot is not imminent.

GBP/CHF has been grinding sideways since October 2022. The pair has been trading below 200-DMA and recovery attempts have shown failure at 110-EMA on several ocassions.

Price action has edged above 200H MA and GMMA shows minor and major trends have turned bullish on the intraday  charts.

Major Support Levels: 

S1: 1.1190 (21-EMA)

S2: 1.1156 (200H MA)

Major Resistance Levels: 

R1: 1.1236 (55-EMA)

R2: 1.1299 (110-EMA)

Summary: GBP/CHF near-term bias is bullish. The pair trades pivotal at 55-EMA, decisive break above will see further gains. Next major hurdle lies at 110-EMA at 1.1299.