GBP/CHF analysis: bullish momentum builds as the price breaks a key resistance

GBP/CHF chart and technical analysis GBP/CHF recently broke a key resistance zone of 1.09536 and the price will probably break above the previous high and retest the 1.10887 resistance level in the coming days. The price is likely to retrace back to the 1.09536 level for correction which now will act as a support level.

Sentiment is: Positive

Technical Analysis

GBP/CHF is trapped in a Channel Up formation, implying that a breakout is Imminent. This is a great trade-setup for both trend and swing traders. It is now approaching a support line that has been tested in the past. Divergence opportunists may be very optimistic about a possible breakout and this may be the start of a new trend. It may also be that this convergence factor may result in the ideal setup for swing traders that are on the lookout for a possible bounce-back. Whatever happens, an initial move towards 1.0988 is expected in the short term.

Possible breach of resistance level by GBP/CHF

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