FxWirePro: GBP/CHF holds marginal gains post UK jobs report, upside lacks traction

Chart - Courtesy Trading View 

GBP/CHF was trading 0.36% higher on the day at 1.1185 at around 10:00 GMT.

The British pound slightly bid after mixed UK ILO employment data released earlier on the day.

UK’s Unemployment Rate reprints the 3.7% figure for three months to December, inline with market expectations. 

January’s Claimant Count Change however, slumped to -12.9K versus -3.2K prior.

Further, UK wages excluding bonuses jumped by 6.7% YoY in December vs. 6.5% expected.

The gauge including bonuses came in at 5.9% 3Mo/YoY in December versus 6.5% previous and 6.2% expected.

The British pound caught some fresh bids after UK employment data, supporting gains in the pair.

Technical indicators do not provide clear direction for the pair. Price action is below cloud and major moving averages.

Stochs are at oversold level and RSI is biased higher, but remains below the 50 mark. Break above cloud will confirm further gains in the pair. 

Support levels - 1.1143 (5-DMA), 1.1022 (Lower BB)

Resistance levels - 1.1215 (21-EMA), 1.1258 (55-EMA)

Summary: GBP/CHF has shown a break above 200H MA, scope for further upside. Daily cloud offers major resistance. Watch out for decisive break above for further gains.