FxWirePro: GBP/CHF takes support near 20 –day MA, good to buy on dips
GBP//CHF has shown a huge decline after forming temporary top around 1.34695 on Dec 8th 2017. The pair declined till 1.31785 at the time of writing and recovered slightly from that level after better than expected UK CPI…
GBP//CHF has shown a huge decline after forming temporary top around 1.34695 on Dec 8th 2017. The pair declined till 1.31785 at the time of writing and recovered slightly from that level after better than expected UK CPI data.
UK inflation rose to 3.1% compared to forecast of 3.0% highest level in six years. The inflation is higher than average weekly wages which is at 2.2%.
On the lower side, near term support is around 1.3160 (20- day MA) and any break below will drag the pair to next level till 1.3100/1.3000.
The near term resistance is around 1.32505 (23.6% retracement of 1.34695 and 1.31785) and any break above will take the pair till 1.3300/1.3330. Minor bullishness can be seen only above 1.3330. Overall trend reversal only above 1.3470.
It is good to buy on dips around 1.3215-20 with SL around 1.3160 for the TP of 1.3330/1.3400.
