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GBPCHF Narrows Gap to Key Support at 1.1171 as SNB, BOE Decisions Loom

CHF
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  • GBPCHF - It is worth highlighting that alongside the SNB decision on Thursday, the Bank of England will also decide on rates, potentially placing GBPCHF volatility in the spotlight.
  • GBPCHF is trading closer to its recent lows, and the move down this week, so far, marks an extension of the bear cycle that started May 27. The break below the 50-day EMA on Jun 4, undermines the medium-term bullish theme, however, a key support at 1.1171, the Apr 19 low, remains intact. A clear break of this level is required to highlight a stronger reversal.
  • Key short-term resistance has been defined at 1.1463, the Jun 13 high. A break of it would instead be a bullish development and highlight a reversal, signalling scope for a climb towards 1.1678, the May 27 high. Pivot and Fibonacci support lies between 1.1171/57, as highlighted below.

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  • GBPCHF - It is worth highlighting that alongside the SNB decision on Thursday, the Bank of England will also decide on rates, potentially placing GBPCHF volatility in the spotlight.
  • GBPCHF is trading closer to its recent lows, and the move down this week, so far, marks an extension of the bear cycle that started May 27. The break below the 50-day EMA on Jun 4, undermines the medium-term bullish theme, however, a key support at 1.1171, the Apr 19 low, remains intact. A clear break of this level is required to highlight a stronger reversal.
  • Key short-term resistance has been defined at 1.1463, the Jun 13 high. A break of it would instead be a bullish development and highlight a reversal, signalling scope for a climb towards 1.1678, the May 27 high. Pivot and Fibonacci support lies between 1.1171/57, as highlighted below.