Dukascopy

GBP/CHF 1H Chart: Pair tended south

FX:GBPCHF   British Pound / Swiss Franc
The Pound has been guided by two ascending channels against the Swiss Franc             . The senior formation began a year ago, while the junior one has confined the rate since early October. The rate bounced off its four-month high of 1.3326 last Wednesday and has since returned near the 1.3115 mark.

As apparent on the chart, the rate has been testing the bottom boundary of the junior channel for the past week. This indicates that the Sterling could be ready to breach the given pattern to the downside. This move would be in line with the senior pattern.

It is possible that the nearest downside target is the weekly or monthly S1s at 1.2959 and 1.2910, respectively.

Nevertheless, technical indicators suggest that the Pound might still edge slightly higher in this session, possibly up to the 1.3258 mark prior to starting to move south.
Comment: As it was expected the Pound bounced off the resistance of the dominant ascending channel pattern against the Swiss Franc. Moreover, recently a descending channel was spotted, which is set to guide the currency pair down to the 1.29 mark.

However, on its way the rate is still set to encounter the support of the 200– period simple moving average near 1.3010, the weekly S2 at 1.2974 and the combined support of the weekly S3 and monthly S1 at the 1.2915 mark.
See more at the Dukascopy Analytics page
https://www.dukascopy.com/swiss/english/marketwatch/market_news/Technical-Analysis/

Check out our trading platform:
https://www.dukascopy.com/land/swiss/
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
ประเทศไทย
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out