GBP/CHF: testing the resistance
A local flirting with the resistance or a serious intention to break through? We will examine the price action of GBP against CHF on high timeframes to answer this question.
Will the CHF bounce back down from the resistance?
Since the very end of October, today is the third time that CHF has risen to the resistance level of 110.13. On the H1 chart of CHFJPY, it will very likely bounce back down. To get a confirmation, we need to watch out for the RSI to cross the 70% level upside-down. In this scenario, the support levels of 109.74, 109.66 and 109.34 may be the barriers for the bears. Otherwise, a resistance level may be placed at 110.30 for the upward movement.
Gaspar Markosyan
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