GBP/CHF Forecast Today - 7/06: GBP Sees Support (Chart)
(MENAFN- Daily Forex) The British pound has fallen a bit during the trading session on Thursday against the Swiss franc, but it looks like it continues to see a little bit of support just below, so it is worth noting that this is a market that pays swap at the end of the day, and therefore we could start to see a little bit of a basing pattern form in this region.I\u0026rsquo;m not ready to throw a ton of money into this market quite yet, but I already have a long position that I\u0026rsquo;m perfectly comfortable with but have been long of this pair for months AnalysisTechnical analysis dictates that there should be a lot of support near the 1.13 level, as it is an area that people had paid close attention to more than once. The 200-Day EMA underneath continues to offer support as well, as it is near the 1.1240 region. As long as we can stay above there, then I think it comes down to the opportunities that present themselves via either a dip, or a continuation of momentum to the upside if we do in fact get it. Top Forex Brokers 1 Get Started 74% of retail CFD accounts lose money Read Review BrokerGeoLists({ type: \u0027MobileTopBrokers\u0027, id: \u0027mobile-top-5\u0027, size: 5, getStartedText: \u0060Get Started\u0060, readReviewText: \u0060Read Review\u0060, }); var Top5PanelSections = { Logo: \u0027broker_carrousel_i\u0027, Button: \u0027broker_carrousel_n\u0027, }The 1.15 level above is a significant resistance barrier, but between here and there we have the 50-Day exponential moving average offering a significant amount of resistance, so if we can break above the 1.15 level, then it\u0026rsquo;s possible that we could go looking to the 1.1650 level, the recent swing high. Anything above there then becomes more or less a \u0026ldquo;buy-and-hold\u0026rdquo; type of situation, the Swiss National Bank recently cut interest rates, and is likely to continue to see reasons for loosening monetary policy. At this point, there will be a lot more focus paid to the Bank of England, because they have not cut yet, and if they do decide to stand pat, that could have a major positive influence on the British pound overall, especially against week currencies like the Swiss franc. I still like the GBP/CHF pair to the one side, but I also recognize that there will be a lot of volatility.
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