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GBP/CHF drops to 15-month lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    GPB/CHF continued to decline and reached on Tuesday the lowest level since January 2015. The pair broke below 1.3515 (Apr 5 low) and dropped to 1.3438. It was trading around 1.3500, attempting to move off session lows.

    The pound is about to post the fifth decline out of the last six trading days. It weakened sharply last week when it broke the key short-term support located at 1.3700/10.

    GBP/CHF continues to be affected by Brexit fears. Since the beginning of the year the pair has fallen more than a thousand pips and now trades at the lowest since January 2015, when the Swiss franc jumped in the market after the SNB abandoned the EUR/CHF 1.20 floor.

    GBP/CHF levels to watch

    To the upside, potential resistance level could be seen at 1.3585/95 (daily high), 1.3700/15 (Feb and Mar low) and 1.3850 (20-day moving average). On the opposite direction, support might lie at 1.3440/45 (daily low), 1.3400 and 1.3330 (Jan 19, 20 & 21 2015 highs).

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