9 Jan 2015
GBP/CHF rejected at 1.54 levels
FXStreet (Mumbai) - The GBP/CHF pair failed to rise above 1.54 levels as markets shrugged-off a drop in the UK Trade deficit to June 2013 levels.
The pair currently trades largely unchanged for the day at 1.5374 levels. The pound had rose to 1.54 levels ahead of the release of the Industrial Production and Trade balance data in the UK. However, the gains were erased after the data showed industrial production declined unexpectedly by 0.1% in November. Meanwhile, manufacturing output surged 0.7%, while the UK trade deficit fell to GBP1.4 billion in November; lowest since June 2013. Despite the upbeat trade deficit, the GBP/USD failed to rally significantly. Meanwhile, the Swiss Franc is up 0.21% against the USD.
GBP/CHF Technical Levels
The pair has an immediate resistance at 1.5381 (10-DMA), above which gains could be extended to 1.54 levels. Meanwhile, support is seen at 1.5346 (5-DMA) and 1.5335 levels.
The pair currently trades largely unchanged for the day at 1.5374 levels. The pound had rose to 1.54 levels ahead of the release of the Industrial Production and Trade balance data in the UK. However, the gains were erased after the data showed industrial production declined unexpectedly by 0.1% in November. Meanwhile, manufacturing output surged 0.7%, while the UK trade deficit fell to GBP1.4 billion in November; lowest since June 2013. Despite the upbeat trade deficit, the GBP/USD failed to rally significantly. Meanwhile, the Swiss Franc is up 0.21% against the USD.
GBP/CHF Technical Levels
The pair has an immediate resistance at 1.5381 (10-DMA), above which gains could be extended to 1.54 levels. Meanwhile, support is seen at 1.5346 (5-DMA) and 1.5335 levels.