24 Jul 2014
GBP/CHF bullish trend is under threat
FXStreet (Moscow) - GBP/CHF is consolidating at 1.5372 after Wednesday’s failed attempt to break above 1.5400 resistance
Bulls are tired
GBPCHF goes on with its long-term bullish trend that is clearly visible on daily charts. After a short consolidation around local support level of 1.5340 the cross resumed the upside and reached new high at 1.5433 on Wednesday, nut the bulls failed to hold found above the pivotal 1.5400 level and GBPCHF returned to 1.5372. This failure may signal that bullish dynamic is losing momentum, which is hardly surprising, considering slow GPB/USD sliding and heightened anti-risk sentiments that support demand for CHF. On the intraday basis the cross might be affected by UK retail sales data. Better than expected numbers is likely to support GBP across the board, though 1.5400 resistance might limit the upside. The support is seen at 1.5340.
What price levels and patterns have to be considered?
Current price is 1.5372, with resistance ahead at 1.5377 (Daily Open), 1.5378 (Hourly 20 EMA), 1.5381 (Daily High), 1.5391 (Daily Classic PP) and 1.5399 (Monthly High).
Support below can be found at 1.5370 (Daily Low), 1.5361 (Yesterday's Low), 1.5361 (Hourly 100 SMA), 1.5347 (Daily Classic S1) and 1.5341 (Hourly 200 SMA).
Bulls are tired
GBPCHF goes on with its long-term bullish trend that is clearly visible on daily charts. After a short consolidation around local support level of 1.5340 the cross resumed the upside and reached new high at 1.5433 on Wednesday, nut the bulls failed to hold found above the pivotal 1.5400 level and GBPCHF returned to 1.5372. This failure may signal that bullish dynamic is losing momentum, which is hardly surprising, considering slow GPB/USD sliding and heightened anti-risk sentiments that support demand for CHF. On the intraday basis the cross might be affected by UK retail sales data. Better than expected numbers is likely to support GBP across the board, though 1.5400 resistance might limit the upside. The support is seen at 1.5340.
What price levels and patterns have to be considered?
Current price is 1.5372, with resistance ahead at 1.5377 (Daily Open), 1.5378 (Hourly 20 EMA), 1.5381 (Daily High), 1.5391 (Daily Classic PP) and 1.5399 (Monthly High).
Support below can be found at 1.5370 (Daily Low), 1.5361 (Yesterday's Low), 1.5361 (Hourly 100 SMA), 1.5347 (Daily Classic S1) and 1.5341 (Hourly 200 SMA).