GBP/CHF 1H Chart: Two scenarios likely

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Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)BuyBuyBuy
RSI(14)NeutralSellNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)BuyBuyBuy
SAR(0.02;0.2)BuyBuyBuy
Aggregate⇗⇗⇗

[ANNOUNCE] The GBP/CHF exchange rate has surpassed the resistance level formed by the Fibonacci 61.80% retracement at 1.3272 and tested the upper boundary of the long-term descending channel located circa 1.3425. [/ANNOUNCE] 

As apparent on the chart, the currency pair is trading near the upper channel line. From a theoretical perspective, a reversal north should occur within following sessions. Important support level to look out for is the Fibonacci 50.00% retracement at 1.3091. 

However, given that the rate is being supported by the 55-, 100– and 200-hour SMAs, it is likely that bulls prevail in the market, and the rate re-tests the upper trend boundary. If given channel does not hold, a breakout north occurs in the nearest future.

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