FxWirePro: GBP/CHF inches closer towards 88.6% Fib, GBP bulls cheer upbeat UK Final Manufacturing PMI

GBP/CHF chart - Trading View 

GBP/CHF grinds higher for the 3rd straight session, inches closer towards 88.6% Fib retracement.

The British pound was buoyed after upbeat UK Final Manufacturing PMI data, pushing the pair higher.

The seasonally adjusted IHS Markit/CIPS UK final Manufacturing Purchasing Managers’ Index (PMI) was revised higher to 58.9 in March versus 57.9 expected and 57.9 in the first readout. 

GBP bulls cheer the upbeat UK Final Manufacturing PMI data, GBP/CHF was trading 0.43% higher on the day at 1.3046 at around 09:05 GMT.

Technical analysis for the pair points to further upside. GMMA indicator shows major and minor trend are bullish.

Momentum is bullish, stochs and RSI are biased higher and RSI is above 50. Price action is above cloud and Chikou span is biased higher.

Support levels - 1.2961 (5-DMA), 1.2896 (20-DMA), 1.2859 (21-EMA)

Resistance levels - 1.3060 (88.6% Fib), 1.3140 (Trendline), 1.32

Summary: GBP/CHF is to test of 88.6% Fib at 1.3060 ahead of trendline resistance at 1.3140. Overbought oscillators on the weekly charts warrant some caution. Any major weakness only below 21-EMA.