FxWirePro: GBP/CHF extends range trade at channel support, mixed UK monthly employment details fail to impress

Chart - Courtesy Trading View 

GBP/CHF was trading largely unchanged at 1.1093 at around 09:00 GMT, with session high at 1.1117 and low at 1.1085.

Trading in the pair remains muted as mixed UK jobs data fails to push back against hawkish BoE expectations or lend any support.

Data released by the UK Office for National Statistics showed that the number of people claiming unemployment-related benefits fell by 11.2K in February, less than 12.4 decline expected. 

The jobless rate held steady at 3.7% during the three months to January as compared to a modest uptick to 3.8% expected.

Data is strong enough to allow the Bank of England (BoE) to hike interest rates again later this month, which continues to underpin the British Pound.

Major Support Levels: 

S1: 1.1070 (Channel base)

S2: 1.1025 (Lower BB)

Major Resistance Levels: 

R1: 1.1104 (5-DMA)

R2: 1.1174 (200H MA)

Technical Summary: GBP/CHF trades with a bearish bias. That said, 'Hammer' formation on Monday's candle at channel base support shows scope for upside.     

Major trend however remains bearish. Price action remains below cloud and major moving averages. MACD and ADX support weakness in the pair. 

Pullback is likely to be shallow. Watch out for break below channel base support for further weakness.