GBP/CHF recovering from under 1.4000

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    GBP/CHF continues to recover from levels under 1.4000 and today reached 1.4298. The pair is rising for the second day in a row, moving away from the 1.4000 area. The pound is also recovering today against the euro.

    GBP/CHF: Strong support at 1.40?

    Last week the pair continued with the decline from 1.4750 and bottomed at 1.3923. From there the pair is rebounding. The area that capped the downside was 1.4000; GBP/CHF traded below but it was rejected.

    So far the recovery has been limited and there are no major signals that a bottom has been reached. Today GBP/CHF has been able tor rise above 1.4200 gaining more support for a recovery. If it holds above 1.4200 during the coming days it could potentially indicate that from a short-term perspective it bottomed.

    On the opposite direction, a consolidation below 1.400 would open the doors for a bigger decline, exposing 1.3918 and then 1.3815 (May lows).
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