FxWirePro: GBP/CHF trades directionless below daily cloud
GBP/CHF chart - Trading View
Technical Analysis: Bias Neutral
- GBP/CHF was trading largely muted at 1.2651 at around 09:45 GMT
- The pair is trading direction below daily cloud, technicals do not provide a clear direction
- Price action has formed successive Dojis on the daily charts, suggests indecision
- RSI is also flat, Stochs are biased higher
- Price action remains capped between 55 and 110 EMAs, breakout will provide clear direction
Support levels - 1.2628 (110-EMA), 1.25 (July low), 1.2471 (61.8% Fib)
Resistance levels - 1.2681 (55-EMA), 1.27 (Daily cloud), 1.28 (76.8% Fib)
Summary: COVID-19 jitters weighed on the risk sentiment and benefitted the safe-haven franc. On the Brexit front, UK Prime Minister Boris Johnson rejected the EU's attempt to iron out problems regarding the post-Brexit arrangements for Northern Ireland.
GBP/CHF seems to have stalled the recent rebound shy of daily cloud. Decisive break above cloud required for upside continuation.