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GBP/CHF jumps to 1.55, strongest level since January

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - The pound is rising for the seventh time out of the last eight days against the Swiss Franc. Recently GBP/CHF reached levels on top of 1.5500 for the first time since January. A week ago it was at 1.5200.

    The pair is holding at the strongest level since January. Back then it was moving with a bullish bias until the decision of the Swiss National Bank to remove the EUR/CHF floor triggered a sharp appreciation of CHF across the board, pushing the pair below 1.30.

    Yesterday GBP/CHF broke the 1.5400 resistance area and gained momentum. Today it continued to rise as the Swiss franc weakened across the board with USD/CHF rallying toward 1.0200.

    GBP/CHF technical levels

    To the upside, resistance levels might lie at 1.5500/10 (psychological level), 1.5620 and 1.5690 (Feb 2011 highs). On the opposite direction, support now could be located at 1.5400/10 (previous resistance), 1.5210 (20-day MA) and 1.5110/20 (Sep highs).
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