FxWirePro: GBP/CHF takes support near 20 –day MA, good to buy on dips
GBP/CHF has shown a minor recovery from the low of 1.31600. The pair formed a temporary top around 1.34695 and started to decline from that level. UK retail sales jumped unexpectedly in Nov on account of Black Friday. Th…
GBP/CHF has shown a minor recovery from the low of 1.31600. The pair formed a temporary top around 1.34695 and started to decline from that level.
UK retail sales jumped unexpectedly in Nov on account of Black Friday. The sales rose 1.1% in month of Nov compared to forecast of 0.4%. BOE has kept its ineptest rates unchanged at 0.5% and warns that growth may slowdown in this quarter.
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 1.3300 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.
