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Chart and candlestick patterns: Hammer pattern candlesticks occurred at 1.2931 on daily terms and at 1.2582 levels on monthly terms. The major trend has retraced more than 38.2% Fibonacci levels from the lows of 1.1783 levels.
In between bullish journey from the lows of 1.1783 to the current 1.3545 levels, the bulls have managed to break-out the stiff resistance of 1.3488 levels.
The same level is now acting as the major supports, as the current price is flying high above DMAs coupled with healthy bullish momentum, the breach below these levels seems unlikely.
GBPCHF on a broader perspective has shown a decent consolidation phase in the major trend retracing above 38.2% Fibonacci level.
To substantiate this bullish traction, both trend indicators (EMA and MACD) have shown bullish crossovers that indicate the uptrend to prolong further.
While both momentum oscillators (RSI & stochastic curves) show upward convergence that signal strength and healthy momentum in the uptrend.
Trade tips:
Since the near-term resistance of around 1.3488 levels is decisively broken, minor bullishness is lingering at multi-month highs (22-months) and expected to extend upto 1.3677 levels.
As a result, we reckon that it is wise to add longs in 1w one-touch calls on trading grounds in order to participate in ongoing rallies. Unlike the European style call option, the one-touch call options have no ambiguous area where the underlying settles exactly on the strike. In one touch terms, this immediately defines the winning bet so that there is no ‘dead heat’ possibility.
Currency Strength Index: FxWirePro's hourly GBP spot index has shown 133 (which is bullish), while hourly CHF spot index was at 1 (neutral), while articulating at 12:09 GMT. For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex
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