GBP/CHF may rise 40 - 58 pips

1.1538 is our pivot point.

Our preference

As long as 1.1538 is support look for 1.1624.

Alternative scenario

The downside breakout of 1.1538 would call for 1.1508 and 1.1490.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.1561 and 1.1543).

Supports and resistances

1.1659 **

1.1642 *

1.1624 **

1.1606

1.1566 last

1.1549

1.1538 **

1.1508 *

1.1490 **

Number of asterisks represents the strength of support and resistance levels.