Although GBPCHF's corrective weakness saw it wiping out its previous week gains the past week, its recovery tone set from the 1.4398 level still remains intact. This suggests that on ending its present correction it should return above the 1.5689 level. This will pave the way for further strength towards its Dec 01'2010 high at 1.5734. On further bullish incursions, we should see additional attacks on the 1.6003 level, its Nov'2010 high. However, if its current bear pressure extends, GBPCHF will target further downside pressure towards its .382. Fib Ret (1.4398-1.5689 rally) at 1.5200 followed by its .50. Fib Ret at 1.5041. Its weekly RSI has turned lower supporting this view. All in all, the cross remains vulnerable to the downside on correction.
GBPCHF