FxWirePro: GBP/CHF resumes upside, on track to test 200-DMA at 1.2953

GBP/CHF chart on Trading View used for analysis 

• GBP/CHF trades 0.31% higher on the day at 1.2892 at 1345 GMT, bias bullish.
   
• The pair is extending gains for the 4th straight week, scope for further gains on break above 200-DMA.
   
• Technical studies support upside in the pair. Momentum with the bulls.
   
• Price action above daily cloud and volatility is rising, scope for further gains.
   
• Next major bull target lies at 200-DMA at 1.2953, break above to see test of 50% Fib at 1.3052.
   
• Immediate support lies at 5-DMA at 1.2844. Break below 110-EMA will see further weakness.

Support levels - 1.2845 (5-DMA), 1.2766 (110-EMA), 1.27

Resistance levels - 1.2920 (trendline), 1.2953 (200-DMA), 1.3052 (50% Fib)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.