Awaiting the publication of statistics in Switzerland and Britain
Technical Analysis Summary GBP/CHF: Buy
| Indicator | Value | Signal |
| RSI | Neutral | |
| MACD | Sell | |
| MA(200) | Neutral | |
| Fractals | Buy | |
| Parabolic SAR | Buy | |
| Bollinger Bands | Buy |
Chart Analysis
On the daily timeframe, GBPCHF: D1 has broken out of a long-term wedge pattern and approached the 200-day moving average line. It should break above it before opening a position. Several technical analysis indicators have formed signals for further upside movement. We do not exclude a bullish movement if GBPCHF: D1 rises above its last high and the 200-day moving average line at 1.137. This level can be used as an entry point. The initial risk limit could be placed below the Parabolic signal, the last fractal low, and the lower Bollinger Band line at 1.104. After opening a pending order, the stop loss should be adjusted along with the Bollinger Bands and Parabolic signals to the next fractal minimum. This way, we improve the potential profit/loss ratio in our favor. More cautious traders, after entering the trade, can switch to the four-hour chart and set a trailing stop-loss in the direction of the movement. If the price surpasses the stop level (1.104) without activating the order (1.137), it is recommended to cancel the order: internal changes are occurring in the market that were not taken into account.
Fundamental Analysis of -
Switzerland released weak economic data. Will the increase in GBPCHF quotes continue?
In May of the current year, the KOF Switzerland Economic Barometer fell to its lowest level since August 2022, reaching 90.2 points. Switzerland Retail Sales in April 2023 demonstrated the largest decline since April 2022, with a year-on-year decrease of -3.7%. The dynamics of the Swiss franc could be influenced by the Swiss National Bank (SNB) News Conference and external trade data, which will be released on June 1st. The exchange rate of the pound could be influenced by the UK S&P Global/CIPS Manufacturing PMI, which will also be published on June 1st.