GBP/CHF 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Our overall outlook on the Sterling is bullish, but in the short term the currency is likely to lose value against the Franc. Over the last 10 days GBP/CHF has formed a high-quality ascending channel; however, at the moment the price is trading right at the upper bound of the pattern, which implies a downward correction. Accordingly, we expect supply between 1.27 and 1.2680 to act as a ceiling, while a close beneath 1.2625 will confirm pair's intentions to visit 1.2534/20 before resuming advancement. In the meantime, SWFX traders seem to be confident in neither scenario, as the sentiment is neutral—55% of positions are long and 45% are short.
© Dukascopy Bank SA
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