GBP/CHF 1D Chart: Heads towards 55-day SMA
The British Pound is simultaneously fluctuating against the Swiss Franc in three different patterns. The largest ascending channel started to form a year ago and nowadays consists of three reaction highs and two reaction lows. The medium ascending channel represents a fragment of the dominant formation and is lying along the rising 55-, 100- and 200-day SMAs. Accordingly, the third ascending channel began to form within the secondary pattern. As the currency rate has recently made a rebound, the Sterling is expected to enter into the new depreciation phase. In this sense, combined support set up by the 55-day SMA as well as the bottom boundaries of two secondary might temporarily withhold the pair above the 1.30 mark. But eventually the new medium-term downtrend is expected to prevail.
The British Pound is simultaneously fluctuating against the Swiss Franc in three different patterns. The largest ascending channel started to form a year ago and nowadays consists of three reaction highs and two reaction lows. The medium ascending channel represents a fragment of the dominant formation and is lying along the rising 55-, 100- and 200-day SMAs. Accordingly, the third ascending channel began to form within the secondary pattern. As the currency rate has recently made a rebound, the Sterling is expected to enter into the new depreciation phase. In this sense, combined support set up by the 55-day SMA as well as the bottom boundaries of two secondary might temporarily withhold the pair above the 1.30 mark. But eventually the new medium-term downtrend is expected to prevail.
