23 Dec 2014
Losses in GBP/CHF capped at 5-DMA
FXStreet (Mumbai) - The Pound fell against the Swiss franc after the weaker-than-expected UK third quarter GDP data, although the GBP/CHF pair managed to sustain above the 5-DMA located at 1.5309 levels.
The pair currently trades 0.14% lower at 1.5316, compared to the previous session’s close at 1.5340 levels. The pair, for a brief moment, fell to 1.5291 levels only to recover above the 5-DMA located at 1.5309 levels. The weakness was mainly driven by the official data in the UK which showed the third quarter growth rate slowed to 2.6% year-on-year, missing the estimate of 3% growth rate. Meanwhile, the USD/CHF pair trades largely unchanged at 0.9833 levels.
GBP/CHF Technical Levels
The immediate support is seen at 1.5309 (5-DMA), under which losses could be extended to 1.5291 levels. Meanwhile, resistance is seen at 1.5326 (Dec. 8 high) and 1.5362 (Dec. 3 high).
The pair currently trades 0.14% lower at 1.5316, compared to the previous session’s close at 1.5340 levels. The pair, for a brief moment, fell to 1.5291 levels only to recover above the 5-DMA located at 1.5309 levels. The weakness was mainly driven by the official data in the UK which showed the third quarter growth rate slowed to 2.6% year-on-year, missing the estimate of 3% growth rate. Meanwhile, the USD/CHF pair trades largely unchanged at 0.9833 levels.
GBP/CHF Technical Levels
The immediate support is seen at 1.5309 (5-DMA), under which losses could be extended to 1.5291 levels. Meanwhile, resistance is seen at 1.5326 (Dec. 8 high) and 1.5362 (Dec. 3 high).