The GBP/CHF pair has been trending upwards since the 10th of March 2016, with the bulls leading the price from as low as 1.4017 to as high as upward movement being registered from as low as 123.04 to as high as 1.4262.
On Thursday, the pair fell aggressively after ECB’s decision to cut interest rates, but following Draghi’s comments that most likely there will be no further cuts, from 1.4279 down to 1.4017. In the event that the sellers manage to force the price lower and breaks below 1.4112, the price could go down to 1.4055 and 1.4017 respectively.
On the flip side, in the scenario where buyers keep pushing the price up and manages to break above 1.4181, the pair could escalate up to 1.4220 and 1.4283 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.