24 Sep 2013
GBP/CHF is trading below 1.4600
FXstreet.com (Athens)- The GBP/CHF could not help it to sustain the support as of 1.4600, as sterling still remains heavily winded after the weaker than expected retail sales data seen last week.
GBP/CHF fails to hold the crucial support of 1.4600 ahead of UK home data
The GBP/CHF is moving downwards since the opening in the Asian trading session, having already broken the resistance of 1.4600 and still trading well below of it. Yesterday there were some positive quotes on behalf of BoE officials, amidst statements of SNB Jordan saying that the Swiss franc is still “highly valued”. Thus, the pair managed to gain uptrend momentum, but today since the opening trading session in Asia, the pair is losing momentum, failing to hold the support of 1.4600. Deputy Governors Tucker and Bean will be speaking this afternoon. Yesterday BoE's Broadbent said that “deleveraging is a headwind to growth” and that “UK economy is picking up faster than expected.” Today, the UK sees mortgage borrowing figures, which are expected to show that the housing market continues to rebound.”
Technical Outlook and Strategic Bias on GBP/CHF
At the time of writing the pair is trading at 1.4593, down 0.11% and not far way, from its daily low as of 1.4590.The FXstreet.com Trend Index shows the pair to be slighty bearish in the 15 minutes timeframe. Daily pivot point support can be found at 1.4574, 1.4540, 1.4501 and resistance at 1.4730, 1.4766 and 1.4800, respectively.
GBP/CHF fails to hold the crucial support of 1.4600 ahead of UK home data
The GBP/CHF is moving downwards since the opening in the Asian trading session, having already broken the resistance of 1.4600 and still trading well below of it. Yesterday there were some positive quotes on behalf of BoE officials, amidst statements of SNB Jordan saying that the Swiss franc is still “highly valued”. Thus, the pair managed to gain uptrend momentum, but today since the opening trading session in Asia, the pair is losing momentum, failing to hold the support of 1.4600. Deputy Governors Tucker and Bean will be speaking this afternoon. Yesterday BoE's Broadbent said that “deleveraging is a headwind to growth” and that “UK economy is picking up faster than expected.” Today, the UK sees mortgage borrowing figures, which are expected to show that the housing market continues to rebound.”
Technical Outlook and Strategic Bias on GBP/CHF
At the time of writing the pair is trading at 1.4593, down 0.11% and not far way, from its daily low as of 1.4590.The FXstreet.com Trend Index shows the pair to be slighty bearish in the 15 minutes timeframe. Daily pivot point support can be found at 1.4574, 1.4540, 1.4501 and resistance at 1.4730, 1.4766 and 1.4800, respectively.