GBP/CHF offers an R rate of 4.2
|With no fundamental drives for either currency, the cross has been consolidating. However, we are now starting to witness mild upside pressure in stock indices. This has resulted in the safe-haven Swiss franc (CHF) moving to the downside.
Technical
The GBPCHF cross posted an indecisive doji-style candle yesterday, highlighting indecision. Dip buying has been seen under 1.1223 today.
1-hour chart
Shorter timeframes highlight the possibility of a double-bottom formation. A break of 1.1168, the previous swing high, and the measured move target is 1.1220.
8-hour chart
The 8-hour chart highlights a Butterfly formation completing close to 1.1537. Buying from current levels offers a risk/reward factor of 4.2R.
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