18 Jul 2014
GBP/CHF is vulnerable at 1.5340 support
FXStreet (Moscow) - GBP/CHF is consolidating after Thursday’s dip to the local support of 1.5340 on the back of heightened anti-risk sentiments
Shor-term troubles in store
GBPCHF is moving within a long-term bullish trend until proved otherwise. The upside dynamic is clearly visible on daily chart as the cross bottomed out at 1.4490 on March 19 and since that time gained about 850 pips. While daily bullish picture remains intact as long as 1.5200 support stays unbroken, the short-term perspectives of the cross are clouded as GPB/USD upside stalled, while CHF is gaining ground across the board due to heightened anti-risk sentiments. From the technical point of view, 1.5345/35 support area is deemed important. Once it is cleared out, the downside will extend to 1.5300/1.5290. The intraday upside is likely to be limited by 1.5370
What price levels and patterns have to be considered?
Spot is presently trading at 1.5342, and next resistance can be seen at 1.5343 (Yesterday's Low), 1.5346 (Daily Open), 1.5353 (Daily High), 1.5354 (Hourly 20 EMA) and 1.5363 (Daily Classic PP).
Support below can be found at 1.5339 (Weekly Classic R1), 1.5335 (Daily Low), 1.5325 (Hourly 100 SMA), 1.5325 (Daily Classic S1) and 1.5307 (Hourly 200 SMA).
Regarding candlestick formations, we can see Doji formation on the 1-hour .
Shor-term troubles in store
GBPCHF is moving within a long-term bullish trend until proved otherwise. The upside dynamic is clearly visible on daily chart as the cross bottomed out at 1.4490 on March 19 and since that time gained about 850 pips. While daily bullish picture remains intact as long as 1.5200 support stays unbroken, the short-term perspectives of the cross are clouded as GPB/USD upside stalled, while CHF is gaining ground across the board due to heightened anti-risk sentiments. From the technical point of view, 1.5345/35 support area is deemed important. Once it is cleared out, the downside will extend to 1.5300/1.5290. The intraday upside is likely to be limited by 1.5370
What price levels and patterns have to be considered?
Spot is presently trading at 1.5342, and next resistance can be seen at 1.5343 (Yesterday's Low), 1.5346 (Daily Open), 1.5353 (Daily High), 1.5354 (Hourly 20 EMA) and 1.5363 (Daily Classic PP).
Support below can be found at 1.5339 (Weekly Classic R1), 1.5335 (Daily Low), 1.5325 (Hourly 100 SMA), 1.5325 (Daily Classic S1) and 1.5307 (Hourly 200 SMA).
Regarding candlestick formations, we can see Doji formation on the 1-hour .