FxWirePro: GBP/CHF struggles at stiff resistance at 1.2285 (110W EMA), outlook bullish

GBP/CHF chart - Trading View 

Technical Analysis: Bias Bullish

- GBP/CHF has edged above weekly cloud, close above will support further gains

- Price action has spiked past 50% Fib after pair confirmed 'Symmetric Triangle' breakout

- Momentum strongly bullish, RSI support strong uptrend being above 65 mark

- MACD and ADX support upside in the pair, volatility is rising as evidenced by widening Bollinger bands

- GMMA indicator shows major and minor trend are strongly bullish on daily and weekly charts

Support levels - 1.2213 (converged weekly cloud, 5-DMA and 50% Fib), 1.22, 1.2130 (21-EMA)

Resistance levels - 1.2285 (110W EMA), 1.23, 1.2471 (61.8% Fib)

Summary: GBP/CHF trades with a strong bullish bias. Price action is currently struggling to get past 110W EMA resistance at 1.2285. Decisive break above will buoy prices. Scope then for test of 61.8% Fib at 1.2471.