GBP/CHF - waiting for a break to upside or downside - SOON!
GBP/CHF price is approaching an important zone where price could break to either the upside or to the downside. Any bullish moves over the past couple of weeks have been held back by the trend line formed from the September highs. Likewise, any breaks lower have been held in place by the daily ascending trend channel that price has been moving with.
Over the past week price has been ranging between the resistance level of 1.1907 and support at 1.1773. As we are now getting to the 'pinch point' between these two trends, we would expect a larger impulse one way or the other. If we get a break and close above either of these key levels, it will be a decent indication to either buy or sell this currency pair.
This is one to watch how it closes the week out.
Over the past week price has been ranging between the resistance level of 1.1907 and support at 1.1773. As we are now getting to the 'pinch point' between these two trends, we would expect a larger impulse one way or the other. If we get a break and close above either of these key levels, it will be a decent indication to either buy or sell this currency pair.
This is one to watch how it closes the week out.