GBP/CHF Range Trading

GBP/CHF has been trading to the downside for the past few days, right after price had recently shown a breakout to the upside which had led to price printing a new higher high. Price last week showed a bearish engulfing which has led to a retracement.

As we have seen a recent higher high, we are looking for the retracement to print a new higher low. Since price showed the most recent bullish move, this has led the 20 EMA to cross bullish with the 50EMA, price has also broken above the 200EMA when price broke the 1.26340 resistance now support.

Price is currently sitting at the resistance turned support at the 38.20% Fibonacci level, which also aligns with the 200EMA. We are watching this pair for bullish price action to signal continuation to the upside.

Chart: GBP/CHF D1