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News / Technical Analysis / GBP/CHF Forecast Today
GBP/CHF Forecast Today
Published: 04.07.2024
Daily Analysis Overview:
The GBP/CHF pair continues to exhibit a consistent upward trend.
After a brief pullback, buyers have re-entered, driving the pair higher.
Currently, the pair is testing a significant resistance level at 1.15 CHF, a major psychological threshold.
GBP/CHF Forecast Today - 04/07: GBP Rallies vs CHF
If GBP/CHF breaks above the 1.15 CHF level, it could pave the way for a move towards the 1.1650 level, the recent swing high. Should the pair rally to this point, a significant upward momentum could follow. Conversely, if a pullback occurs, the market might target the 1.1433 level, which has been a key support area in the past, with the 50-Day EMA just below it. The market's recovery is largely driven by the interest rate differential, which continues to support a higher GBP/CHF.
Impact of United Kingdom Elections:
The upcoming parliamentary elections on Thursday could influence market movements. In the absence of a major shock, the market is likely to continue its upward trend. However, a significant surprise could drive the British pound lower. In such a scenario, buying opportunities may arise as the carry trade potential remains strong, making GBP/CHF an attractive pair.
Swiss National Bank and Interest Rates:
The Swiss National Bank (SNB) has already cut rates, making it the first major central bank to do so, followed by others. The future actions of the Bank of England will be crucial in determining the pair's direction.
Key Levels to Watch:
Resistance: 1.1500, 1.1650
Support: 1.1433, 50-Day EMA
Traders should monitor these levels and the upcoming UK elections closely to anticipate market movements and capitalize on potential opportunities in the GBP/CHF pair.
The GBP/CHF pair continues to exhibit a consistent upward trend.
After a brief pullback, buyers have re-entered, driving the pair higher.
Currently, the pair is testing a significant resistance level at 1.15 CHF, a major psychological threshold.
GBP/CHF Forecast Today - 04/07: GBP Rallies vs CHF
If GBP/CHF breaks above the 1.15 CHF level, it could pave the way for a move towards the 1.1650 level, the recent swing high. Should the pair rally to this point, a significant upward momentum could follow. Conversely, if a pullback occurs, the market might target the 1.1433 level, which has been a key support area in the past, with the 50-Day EMA just below it. The market's recovery is largely driven by the interest rate differential, which continues to support a higher GBP/CHF.
Impact of United Kingdom Elections:
The upcoming parliamentary elections on Thursday could influence market movements. In the absence of a major shock, the market is likely to continue its upward trend. However, a significant surprise could drive the British pound lower. In such a scenario, buying opportunities may arise as the carry trade potential remains strong, making GBP/CHF an attractive pair.
Swiss National Bank and Interest Rates:
The Swiss National Bank (SNB) has already cut rates, making it the first major central bank to do so, followed by others. The future actions of the Bank of England will be crucial in determining the pair's direction.
Key Levels to Watch:
Resistance: 1.1500, 1.1650
Support: 1.1433, 50-Day EMA
Traders should monitor these levels and the upcoming UK elections closely to anticipate market movements and capitalize on potential opportunities in the GBP/CHF pair.
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