GBP/CHF chart on Trading View used for analysis
- GBP/CHF grinds higher along 5-DMA support.
- The pair is currently trading in a narrow range, finds stifff resistance at 200-DMA.
- Oscillators have approached overbought levels which could see some correction in the pair.
- That said, breakout at 200-DMA could propel the pair higher. Scope then for test of 61.8% Fib at 1.3322.
- On the flipside, break below 20-DMA could see weakness till 20-DMA.
Support levels - 1.3051 (5-DMA), 1.30 (38.2% Fib), 1.2915 (20W-SMA)
Resistance levels - 1.3126 (200-DMA), 1.3157 (50% Fib), 1.3322 (61.8% Fib)
Recommendation: Watch for break out above 200-DMA to go long, target 1.3155/ 1.32/ 1.3320
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
