GBP/CHF offers an R rate of 4.2

Ian Coleman FXStreet

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.

Author

Ian Coleman

FXStreet

Ian started his financial career at the age of 18 working as a Junior Swiss Broker at Godsell Astley and Pearce (London). He quickly moved through the ranks and was Desk Manager at RP Martins at the age of 29.

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