Forex: GBP/CHF pulls down from 1-month high

02 November 2009 @ 10:02 am EDT

FXstreet.com (Córdoba) - Cable is falling against the Swiss Franc for the first time in a week. The pair rallied last week and rose from 1.6435 to 1.6950, posting a fresh one-month high. Today the pair is falling sharply, pulling down from the highs. Currently it trades at 1.6705/09, 0.61% below today's opening price.

GBP/CHF failed to hold above 1.6800 and fell to test the 1.6700 zone. If the pair falls further the next support could be located at 1.6660/70 (Oct 28 low) and below at 1.6580.

John Hardy, analyst at Saxo Bank, comments: "GBP found important resistance today it seems, as evidenced in a cross like GBPCHF, where the two-wave correction appears complete after an attempt at the 55-day moving average. The sell-off back through the old high suggests that further weakness toward the rising line of consolidation is the path of least resistance for the moment."

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Copyright 2008 FOREXSTREET S.L, All rights reserved

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