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GBP/CHF supported by 100-DMA ahead OF BOE minutes

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/CHF pair found support at its 100-DMA located at 1.4808 ahead of the Bank of England rate decision and minutes release.

    Hovers around 1.4850

    The demand for the CHF weakened somewhat after the European equity markets recovered from the early wobble. Nevertheless, the stock markets appear nervous and that keeps the losses in the safe haven CHF restricted.

    The focus now would be on the Bank of England (BOE) rate decision and minutes release. The investors would watch out for the BOE MPC vote split on interest rates.

    GBP/CHF Technical Levels

    At 1.4845, the immediate support is located at 1.4808 (100-DMA), under which the losses could be extended to 1.4672 (Oct 2 low). A break below the same would expose 200-DMA located at 1.46. On the higher side, a break above 1.4926 (previous day’s high) is needed to test the 50-DMA stationed at 1.4964.
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