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GBP/CHF Forecast: Key Chart Levels to Keep in Focus

GBP/CHF Forecast: Key Chart Levels to Keep in Focus

2020-07-31 14:00:00
Mahmoud Alkudsi, Analyst
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British Pound vs Swiss Franc Technical Forecast

  • Bullish signals on GBP vs CHF price chart
  • Positive outlook while above 1.1925

GBP/CHF- Multi-Week High

Last week, GBP/CHF hit a five-week high of 1.1937. However, the price declined after and closed a weekly candlestick with a Doji pattern, highlighting bull’s indecision.

Alongside that, the Relative Strength Index fell from 53 to 44 and signaled bull’s lack of momentum to rally the price further.

GBP/CHF Daily PRice CHART (July 20, 2018 – JULY 31, 2020) Zoomed Out

GBPCHF daily price chart zoomed out 31-07-20
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GBP/CHF Daily PRice CHART (March 10 – July 31, 2020) Zoomed In

GBPCHF daily price chart zoomed in 31-07-20

On June 30, GBP/CHF climbed back to the current 1.1715 – 1.1925 reflecting a weaker bearish sentiment. Yesterday, GBP/CHF closed above the 50-day moving average indicating a shift in favor of bull’s control. As a result, the price has rallied today to an over six-week high at 1.1968.

A daily close above the high end of the current trading zone may encourage bulls to start a rally towards the monthly resistance level at 1.2092 ( October 2019 Low).

On the other hand, a failure in closing above the high end of the zone could reverse the price’s direction towards the low end of the zone ( March 2020 High).

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GBP/CHF Four Hour PRice CHART (June 10 – July 31, 2020)

GBPCHF four hour price chart 31-07-20

On Tuesday, GBP/CHF traded above the downward sloping trendline resistance and generated a bullish signal which has thus far held.

To conclude, while bulls have the upper hand a break below the bullish trendline support originated from the July 28 low at 1.1798 may keep bearish potential alive. Therefore, a break below 1.1877 may send GBPCHF towards the 1.1800 handle, while a break above 1.1979 may cause a rally towards the June 16 high at 1.2037. As such, the support and resistance levels marked on the four-hour price chart should be considered.

Written By: Mahmoud Alkudsi,Market analyst

Please feel free to contact me on Twitter: @Malkudsi

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

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