GBP/CHF on the Way Up

By Anton Eljwizat – The GBP has dropped significantly versus the CHF in the past week, and it is currently trading around 1.6445. And now as evident in the data below, the 4-hour chart is giving bullish signals, indicating that the GBP/CHF pair might go up. Forex traders can take advantage of this impending movement by having their Entry Orders in place to capture this reversal.

• Below is the daily chart of the GBP/CHF currency pair.

• The technical indicators that are used are the William Percent Range, Relative Strength Index (RSI), and Slow Stochastic.

• Point 1: The Slow Stochastic indicates a bullish cross, signaling that the next move may be in an upward direction.

• Point 2: The Relative Strength Index (RSI) indicates that the price of this cross currently floats in the oversold territory, signaling upward pressure.

• Point 3: The William Percents Range also supports the upward direction.

• The volatile downward movement which occurred prior to this upward correction has generated these indicators, and there appears to be room for this correction to continue.

GBP/CHF 4-Hour Chart

Forex Market Analysis provided by Forex Yard.

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