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InSwissquote’s Friday short term technical trading report, the research team outlines the major technical levels of popular currency instruments with forecasts, below is the outline for EUR/CHF (1.20 floor in play) and GBP/USD. To view and download the entire report,click here(PDF).
EUR/CHF: Persistent selling pressures in place
• EUR/CHF has made new lows, confirming persistent short-term selling pressures. The support at 1.2063 (10/12/2012 low) has been breached. Another support stands at 1.2030 (28/11/2012 low). Hourly resistances can be found at 1.2093 (26/08/2014 high) and 1.2121 (15/08/2014 high).
• In September 2011, the SNB put a floor at 1.2000 in EUR/CHF, which is expected to hold in the foreseeable future
GBP/USD: Trying to bounce
• GBP/USD is trying to bounce after its bullish intraday reversal made on 25 August. However, a
decisive break of the hourly resistance at 1.6601 (21/08/2014 high) is needed to suggest weakening selling pressures. Other hourly resistances can be found at 1.6679 and 1.6739. Hourly supports stand at 1.6537 and 1.6501 (25/08/2014 low).
• In the longer term, the break of the key support at 1.6693 (29/05/2014 low, see also the 200 day moving average) invalidates the positive outlook caused by the previous 4-year highs. However, the lack of medium-term bearish reversal pattern and the short-term oversold conditions do not call for an outright bearish view. A key support stands at 1.6460 (24/03/2014 low).