GBP/CHF 4H Chart: At crossroads
The Pound has recently decline against the Swiss Franc due to not being able to pass the resistance of a medium scale ascending pattern. However, it was already expected that the pattern will be broken.
Instead the currency exchange rate has begun a decline to a support cluster near lower trend line of the most dominant ascending pattern. That indicates that the pair should surge and break the resistance of the short term and medium term patterns.
Although, in regards to the short term the situation has become unclear, as the short term pattern’s resistance has stopped the recent rebound.
Instead the currency exchange rate has begun a decline to a support cluster near lower trend line of the most dominant ascending pattern. That indicates that the pair should surge and break the resistance of the short term and medium term patterns.
Although, in regards to the short term the situation has become unclear, as the short term pattern’s resistance has stopped the recent rebound.
At the end of the last year the Pound reached a zone near a 50.00% Fibonacci retracement level against the Swiss Franc. Namely, the currency exchange rate traded above the 1.3140 mark.
As a result of the encounter, the currency pair eventually rebounded against the support level and began a surge, which has resulted in the recognition of a pattern. Namely, the currency rate is surging in a wide range ascending channel pattern.
In regards to the short term, the pair is set to fluctuate between the weekly R1 and the monthly PP, which are respectively at 1.3303 and 1.3270 levels.