JFD_Research

GBPCHF - 240 - Running Within A Channel Still

FX_IDC:GBPCHF   British Pound / Swiss Franc
GBP/CHF has been on a strong up move since the beginning of this month and it seems that the pair wants to continue pushing higher. Certainly, we could potentially see a bit of retracement coming in before the bulls jump in again. Until the bottom side of the channel is broken, the possibility of longer-term declines is off the table.

For now, a confirmed move below the 1.34100, could pull the pair down towards the bottom side of the upwards moving channel for a quick test. This level could be around the 1.33650 area. However, as we already noted, as long as the pair stays within the channel, we would treat such a slide as a corrective move.

If the bulls manage to take the reins from near the lower end of the channel, then we may see a rebound and a test at the 1.3410 barrier as a resistance this time. A break above that level could aim for the recent highs of 1.34350. Another move above 1.3435 could open the path for the next potential level higher at 1.34575.

Judging the situation by our oscillators, we can see that both RSI and MACD are at their tops and flattening out, which supports that GBP/CHF could be ready for a bit of a pull back.
On the downside, a break below the aforementioned channel is needed to indicate upcoming weakness in GBP/CHF , we think.

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