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GBP/CHF offered below hourly 50-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/CHF ran into fresh offers below its hourly 50-MA at 1.5080 and dropped to a session low of 1.5035 as the oversold CHF made a comeback.

    Technical failure at 1.51-1.5120

    The cross failed to take out offers in the zone of 1.51-1.5120 in early Europe, which triggered a technical correction in the pair. Moreover, profit taking on CHF shorts took the USD/CHF pair lower for the first time in ten days, while the GBP/USD remained consolidated around 1.53 handle.

    Consequently, the GBP/CHF declined and is moving fast towards the hourly 100-MA support located at 1.5030.

    GBP/CHF Technical Levels

    The immediate support is seen at 1.5030 (hourly 100-MA), followed by a support at 1.50. A break below the same would open doors for a drop to 1.4926 (Oct 7 high). On the higher side, resistance is seen at 1.5082 (hourly 50-MA) and 1.5120.
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