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FxWirePro: GBP/CHF trades shy of 1.22 handle, 'Symmetric Triangle' breakout buoys bulls

GBP/CHF chart - Trading View 

Technical Analysis: Bias Bullish

- Confirms breakout above 'Symmetric Triangle' pattern

- Stochs and RSI are sharply higher, RSI well above 50 mark

- MACD and ADX support gains, +ve DMI dominance adds upside bias

- Volatility is high and rising, GMMA indicator shows major and minor trend are strongly bullish

Support levels - 1.2125 (5-DMA), 1.2106 (200H MA), 1.2066 (55W EMA)

Resistance levels - 1.2212 (50% Fib), 1.2256 (21 month EMA), 1.2288 (110W EMA)

Summary: The pound sterling finds aggressive fresh bids amid optimism over COVID-19 vaccine rollouts and decrease in COVID-19 cases in the UK. GBP/CHF has hit 10-week highs at 1.2197. Technical analysis suggests upside continuation. Break above 50% Fib and test of 21-month EMA at 1.2256 on charts. Further upside to see gains till 200W MA at 1.26.
 

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