Forex Technical Update

Previous: GBP/CHF Revives Bullish Pressure Toward 1.4845 (12/22)

GBP/CHF

GBP/CHF

The GBP/CHF has kept bullish bias as it traded sideways, with resistance at 1.4755 and support at 1.4475. The market bounced off the 200 4H Simple moving average, and pushed price above a projected declining trendline. Still, the real resistance is at 1.4755. If there is a rejection from this resistance, see what if the market can break back below the 1.46-1.4620 area. Inability to do so reflects bullish intent, and another attempt at 1.4475 is likely to break it.

Otherwise, if the market falls below 1.46, we look for reaction to the support area of the range again. Below 1.4475 area, the market opens up the next support pivot near 1.4250 (seen in the daily chart).

If the market breaks above 1.4755, it first opens up 1.4845. Then, a measured move targets 1.50-1.5015 area.

GBP/CHF

Fan Yang CMT is the Chief Technical Strategist FXTimes - provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.