GBP/CHF back below 1.55

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/CHF pair trimmed gains to trade below 1.55 levels as the broad based sell-off in the CHF reportedly due to SNB’s invisible hand came to a halt.

    Trades around 1.5490

    The cross now sits around 1.5490 with high probability of a weekly gain. Moreover, the pair is just a few pips above its weekly opening rate of 1.5456, but a dull US session and an empty economic calendar provides a very little room for the pair to drop below 1.5456.

    The pair hit a high of 1.5531 earlier today due to a broad based CHF sell-off rumpoured to be triggered by the SNB intervention. The upside was capped by the sell-off in the GBP/USD pair as well.

    GBP/CHF Technical Levels

    THe immediate resistance is seen at 1.5531 (daily high), above which gains could be extended to 1.5572 (Nov 19 high). On the other side, a break below 1.5448 (hourly 200-MA) would open doors for a test of hourly 100-MA at 1.5417.
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