GBP/CHF may rise 44 - 65 pips

Our pivot point stands at 1.1197.

Our preference

As long as 1.1197 is support look for 1.1294.

Alternative scenario

The downside breakout of 1.1197 would call for 1.1163 and 1.1142.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is below its 20 period moving average (1.1229) but above its 50 period moving average (1.1223).

Supports and resistances

1.1335 **

1.1314 *

1.1294 **

1.1273

1.1229 last

1.1211

1.1197 **

1.1163 *

1.1142 **

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