GBP/CHF chart - Trading View
GBP/CHF maintained its strong bid tone to hit the highest level since Dec 2019, outlook is strongly bullish.
The pair was trading 0.42% higher on the day at 1.2814 at around 10:20 GMT, slipping lower from 14-month high of 1.2896 hit earlier on the day.
Broad-based GBP strength ahead of BoE's Monetary Policy Report Hearing pushed the pair higher.
Receding safe-haven demand as evidenced by goodish bounce in the equity markets weighed on the CHF and remained supportive of upside.
Technical indicators are bullish. That said the pair faces stiff resistance at monthly cloud. Also overbought oscillators warrant caution for bulls.
The pair is currently trading above 76.8% Fib and is on track to test 88.6% Fib at 1.3060. Monthly cloud at 1.30 is major hurdle enroute.
76.8% Fib is immediate support at 1.28 ahead of 5-DMA at 1.2646. Retrace below 200W MA will negate any bullish bias.
