January 12, 2023

FxWirePro: GBP/CHF on verge of cloud breakout, near term bias has turned bullish

Chart – Courtesy Trading View

GBP/CHF was trading 0.35% higher on the day at 1.1342 at around 10:40 GMT.

The pair is extending break above 21-EMA, is poised to test cloud top resistance.

Speculations that the Bank of England (BoE) is nearing the end of the current rate-hiking cycle undermines the British Pound, keeping upside limited.

Price action is testing 110-EMA at 1.1353. Break above daily cloud will fuel further gains in the pair.

Momentum is strongly bullish. Stochs and RSI are sharply higher, RSI is above 50 mark.

MACD confirms bullish crossover on signal line and ADX also supports upside in the pair.

Support levels:

S1: 1.1279 (55-EMA)

S2: 1.1254 (5-DMA)

Resistance levels:

R1: 1.1353 (110-EMA)

R2: 1.1535 (Trendline)

Summary: GBP/CHF trades with a bullish bias. The pair is poised for further gains, watch out for break above cloud for bullish continuation.

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