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Chart - Courtesy Trading View
Technical Analysis:
- GBP/CHF was trading 0.16% higher on the day at 1.1316 at around 13:20 GMT
- The pair is extending sideways along 21-EMA support, bias remains neutral
- Momentum is bullish, and volatility is low, possibility of directional shift
- Price action is within the daily cloud and breakout will provide a clear directional bias
- GMMA indicator shows major and minor trend are neutral on the daily charts
Fundamental Overview:
UK inflationary pressures have softened as evidenced by the December’s Consumer Price Index (CPI) report, released on Wednesday.
UK headline inflation eased to 10.5% on an annual basis and the core CPI that excludes oil and food prices held steady at 6.3%.
Minor softening of UK inflation is insufficient to trim hawkish BoE bets, continuation of hawkish monetary policy by the bank of England (BoE) likely.
Major Support and Resistance Levels:
Support levels - 1.1267 (21-EMA), Resistance levels - 1.1348 (110-EMA)
Summary: GBP/CHF trades directional within the daily cloud. Watch out for cloud break out for clear direction.
