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GBP/CHF back above 1.500, at 1-month highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - While the pound is among the top performers on Monday, the Swiss franc is the opposite and is losing ground. GBP/CHF continues to rally and reached the strongest level since September 22.

    GBP/CHF: Rally goes on

    Two weeks ago the pair dropped to 1.4533, a 3-month low but then started to recover and accelerated last Thursday after the European Central Bank (ECB) signaled that it was ready to introduce more monetary stimulus. Initially it climbed to 1.4990 and on Friday it reached momentarily levels on top of 1.5000.

    On Monday it broke decisively above and reached 1.5083, hitting 1-month highs. Currently it trades near the highs, rising fort the four trading day in a row.

    GBP/CHF technical levels

    To the upside, resistance levels could be located at 1.5115/20 (September highs) and 1.5180/90. On the opposite direction, support now might be seen at 1.5030, 1.4950 (daily low) and 1.4930 (Oct 7 high).
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