The GBP/CHF currency pair on the daily time frame has been following an uptrend recently. The pair hits 1-year high of 1.34225 on 13 March. After reaching 1-year high, the currency pair experienced some selling pressure from the bears but managed to hold the key support level of 1.30644. The price action in the GBP/CHF is mainly driven by the strength in the Pound Sterling due to recent Brexit developments. As of writing, the price is hovering around 1.33096, MACD (Moving Average Convergence Divergence) above zero and the price above 200-period moving average supports the bullish sentiment in the GBP/CHF.
The daily chart of the GBP/CHF confirms the positive sentiment in the price movement as the pair is making successively higher tops and higher bottoms.
By applying Oscillators analysis, all three indicators confirm the positive bias in the market. As the chart shows, price is well above the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values above the zero-line which shows positive sentiment in the GBP/CHF. RSI (Relative Strength Index) showing values above 50 which supports the bullish sentiment in the market. Price action is looking strong to register another high in coming days.
In alternative scenario, key support level lies at 1.30644, if price breaks below this level, only then bears can push the price lower.
The daily chart of the GBP/CHF confirms the positive sentiment in the price movement as the pair is making successively higher tops and higher bottoms.
By applying Oscillators analysis, all three indicators confirm the positive bias in the market. As the chart shows, price is well above the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values above the zero-line which shows positive sentiment in the GBP/CHF. RSI (Relative Strength Index) showing values above 50 which supports the bullish sentiment in the market. Price action is looking strong to register another high in coming days.
In alternative scenario, key support level lies at 1.30644, if price breaks below this level, only then bears can push the price lower.