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FxWirePro: GBP/CHF breaks above 200-DMA, hits 10-week highs at 1.30, bias higher

GBP/CHF chart on Trading View used for analysis 

  • GBP/CHF spikes past 200-DMA to hit 10-week highs at 1.30, bias remains bullish.
     
  • Technical studies support upside, momentum highly bullish and we see rise in volatility.
     
  • Price action above daily cloud and we see scope for further gains.
     
  • Next major bull target above 200-DMA lies at 50% Fib at 1.3052 ahead of 1.3172 (Nov 8 high).
     
  • Immediate support lies at 200-DMA at 1.2950. Break below 110-EMA will see further weakness.

Support levels - 1.2950 (200-DMA), 1.2898 (5-DMA), 1.2771 (110-EMA)

Resistance levels - 1.3052 (50% Fib), 1.31, 1.3172 (Nov 8 high)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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