FxWirePro: GBP/CHF trades higher on receding political risk in Europe, good to buy on dips
GBP/CHF is one of the top movers this week on account of easing political risks in Europe. The pair broken major resistance 1.2915 and jumped till 1.30688. The decisive break of 55- EMA confirms further bullishness as lo…
GBP/CHF is one of the top movers this week on account of easing political risks in Europe. The pair broken major resistance 1.2915 and jumped till 1.30688. The decisive break of 55- EMA confirms further bullishness as long as support 1.2760 (daily Kijun-Sen) holds.
On the lower side, near term support is around 1.2895 (daily Tenkan-Sen) and any break below will drag the pair till 1.2800/1.2760 likely. The near term resistance is around 1.3120 and any break above confirms further bullishness, a jump till 1.3209/1.32590 (Jun 29th 2016 high).
Short term bullish invalidation only below 1.2685 level.
The momentum indicator RSI is in overbought zone (73.57) and any minor decline is consider as good entry point.
Markets await BOE Super Thursday for further direction.
It is good to buy on dips around 1.3000 with SL around 1.2900 for the TP of 1.3120/1.3250.
