13 Feb 2015
GBP/CHF declines from post SNB highs
FXStreet (Mumbai) - The GBP/CHF pair declined from the Post SNB high of 1.4350 set yesterday after a slightly hawkish Bank of England Quarterly Inflation report pushed the Pound higher across the board.
Snaps three-day gains
The pair has snapped a three-day rally, as it trades lower at 1.4261 levels. The weakness is likely to be on account of overbought technical indicators as no major data releases out of the UK or Switzerland were on the cards today. The volatile UK construction output number; down to 0.4% from 2.8% in the previous month, failed to have a significant impact on the GBP pairs.
However, the GBP/USD pair did drop below 1.54 levels ahead of the data, while the USD/CHF currently trades at 0.9280 levels; down from a high of 0.9315. Consequently, the GBP/CHF cross was pushed lower to 1.4261 levels.
GBP/CHF Technical Levels
The immediate support is seen at 1.4182 (5-DMA) and 1.4126 (10-DMA). Meanwhile, resistance is seen at 1.4350 (post SNB high), above which the pair could test the 50-DMA located at 1.4496 levels.
Snaps three-day gains
The pair has snapped a three-day rally, as it trades lower at 1.4261 levels. The weakness is likely to be on account of overbought technical indicators as no major data releases out of the UK or Switzerland were on the cards today. The volatile UK construction output number; down to 0.4% from 2.8% in the previous month, failed to have a significant impact on the GBP pairs.
However, the GBP/USD pair did drop below 1.54 levels ahead of the data, while the USD/CHF currently trades at 0.9280 levels; down from a high of 0.9315. Consequently, the GBP/CHF cross was pushed lower to 1.4261 levels.
GBP/CHF Technical Levels
The immediate support is seen at 1.4182 (5-DMA) and 1.4126 (10-DMA). Meanwhile, resistance is seen at 1.4350 (post SNB high), above which the pair could test the 50-DMA located at 1.4496 levels.