GBP/CHF chart - Trading View
Spot Analysis:
GBP/CHF was trading 0.29% higher on the day at 1.2679 at around 08:30 GMT
Previous Week's High/ Low: 1.2674/ 1.2501
Previous Session's High/ Low: 1.2714/ 1.2641
Fundamental Overview:
The EU's suspension of legal action over the NI protocol supports sterling.
UK scraps quarantine rules for fully vaccinated EU, US travelers, adding to positive sentiment.
Technical Analysis:
- GBP/CHF continues choppy trade below daily cloud
- Price action remains capped between 55 and 110 EMAs
- The pair has halted 4 week's of downside with 'Hammer' formation on the previous week candle
- 200-week MA is now major support on the downside, retrace below will negate any further gains
Major Support and Resistance Levels:
Support - 1.2619 (200-week MA), Resistance - 1.2680 (55-EMA)
Summary: GBP/CHF is extending choppy trade as price action remains capped between 55 and 110-EMAs. Momentum is bullish, Stochs and RSI are biased higher. Cloud breakout will buoy bulls in the pair.
