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GBP/CHF chart - Trading View
Technical Analysis: Bias Bullish
- GBP/CHF was trading 0.42% higher on the day at 1.3070 at around 10:20 GMT
- MACD is on verge of bullish crossover on signal line
- +ve DMI dominance and rising ADX supports upside in the pair
- RSI is above 70 and supports the strong uptrend, volatility is rising
- Minor pullbacks have held support at 21-EMA, weakness only on break below
- Price action is well above Ichimoku cloud and Chikou span is biased higher
Support levels - 1.30 (5-DMA), 1.2962 (5W MA), 1.2910 (20-DMA)
Resistance levels - 1.31, 1.3140 (Trendline), 1.32
Summary: GBP/CHF poised for further upside. The British pound buoyed on a highly successful vaccination distribution program and the gradual reopening of the UK economy. On the flipside, risk-on market sentiment dents the safe haven demand for franc. GBP/CHF is on track to test major trendline resistance at 1.3140. Decisive break above will fuel further gains.
