GBP/CHF Forecast Today - 29/07: GBP Stabilizes (Chart)

(MENAFN- Daily Forex)

• It's worth noting that the Swiss Franc has given up some of its gains.
• And now we've seen the British pound bounce from the crucial 200 day EMA indicator.
• This is a market that I love to trade in because it is very bullish, but it also has a massive interest rate differential, which will pay you quite a bit at the end of every session.
• Getting paid swap is a huge benefit of this pair, something that has added a lot of value to my account until recently.

And as long as that's going to be the case, I am going to be bullish in this market sooner or later. It does make sense that the 1.13 level has offered support as it has been important multiple times because not only do we have the previously mentioned 200 day EMA sitting there, but it's also the 38.2% Fibonacci retracement level. In other words, this is a market that I think could very well bounce from here.

Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money Is the 1.15 Level Above the Next Target?

Given enough time, I think we go looking towards the 1.15 level, although it may be noisy on the way back up considering just how negative it had been on both Wednesday and Thursday. The alternate scenario is that we break back below the 200-day EMA and take out the 1.1250 level to the downside. In that scenario, we could see a pretty deep correction. Nonetheless, the Swiss National Bank has already cut rates, while the Bank of England has remained firm. We'll have to see how long that lasts, but clearly at this point in time, it looks like fortune favors the buyers on each successive dip. It's very noisy, but that makes a lot of sense because quite frankly, the financial markets around the world are very noisy right now. And this of course is a pair that's highly driven by risk appetite.

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