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GBP/CHF Price: Supportive Technicals Ahead of Bullish Pennant

GBP/CHF Price: Supportive Technicals Ahead of Bullish Pennant

2019-11-04 14:55:00
Nick Cawley, Strategist
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GBP/CHF Price – Bullish Momentum May Resume if Support Holds Firm

The DailyFX Q4 GBP Forecast is available to download.

GBP/CHFis starting to flash a few positive signals and may look to resume its recent rally over the next few days if current support levels hold. The daily chart shows that the pair are currently touching two levels of support, the short-term 20-day moving average (red line) at 1.2740 and the important 61.8% Fibonacci retracement level at 1.2757. Just above here, is the recent supportive uptrend off the mid-October low which forms the bottom of a bullish pennant.

Pennant Patterns: Trading Bearish and Bullish Pennants

If these two support levels hold firm, it should enable GBP/CHF to try to push back into the pennant, when traders should look to see if downtrend resistance holds. If the pair close above the downtrend, or make a decisive break higher, then the October 17 high at 1.2894 comes into play and would be the first upside target before a possible full retrace back to 1.3425. To hit this level, GBP/CHF will need positive UK General Election/Brexit headlines.

A move lower should find initial support from the recent double lows around 1.2675 and 1.2620. If these lower levels are tested, then bulls should retreat to the sidelines and wait until the 50% Fibonacci retracement and 200-day moving average around the 1.2550 – 1.2570 area.

GBP/CHF Daily Price Chart (February – November 4, 2019)

GBP/CHF Price: Supportive Technicals Ahead of Bullish Pennant

IG Client Sentiment Datashow how retail traders are positioned in a wide range of assets.

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on GBP/CHF – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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