- February 26, 2024
- Posted by: capadmin
- Category: Market News
GBP/CHF Clings to Bollinger’s Bullish Bias
The GBP/CHF currency pair, a barometer of relative economic performance between the United Kingdom and Switzerland, is currently under the technical lens. With Brexit’s ongoing implications and Switzerland’s economic resilience, the interplay of these factors is captured in the pair’s price movements. Let’s explore the technical terrain to discern the future trajectory of this currency duo.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The GBP/CHF pair’s technical landscape on the H4 chart is marked by a clear uptrend as indicated by its position above the Ichimoku Cloud, suggesting bullish dominance. The recent price action has respected the middle Bollinger Band as a dynamic support level, bouncing off it to make higher moves. With the price consistently closing above this middle band, it reflects sustained buying pressure. However, the narrowing of the Bollinger Bands could signal an impending period of reduced volatility or a potential squeeze, possibly preceding a sharp price movement. Given this setup, traders might look for potential retracements to the supportive middle band for buying opportunities, keeping an eye on the upper band for resistance or signs of overextension.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.