GBP/CHF Price Analysis: Bulls are taking on weekly resistance

GBP/CHF meeting weekly resistance as bulls seek daily chart bullish continuation.
Cable bulls to help GBP/CHF along and to test weekly resistance.

Ross J Burland FXStreet

GBP/CHF is on the bid and would be expected to extend higher to test deeper into the weekly resistance.

The following illustrates the bullish bias and where cable could be the catalyst for a daily bullish continuation in the cross.

Weekly chart

While there is room to go on the upside into deeper resistance territory, the price can easily be rejected at this juncture.

This would see the bears take control in a downside continuation following this meanwhile correction.

Daily chart

With that being said, the daily time frame is conflicting following a 61.8% Fibonacci retracement and a subsequent re-run of the upside.

Bulls can also take solace in GBP/USD's bullish advance and bias as per the prior analysis, GBP/USD Price Analysis: Bulls looking for breakout to the topside.

Prior GBP/USD analysis, daily and 4-hour time frames

'Nevertheless, the 4-hour chart is forming a bullish reverse head and shoulders formation and on completion, the bullish price action could well burst into life.'

'The right-hand shoulder of the bullish reverse head and shoulders is in the process of being formed.

Bulls will want to see the price break the prior highs within this formation and hope for a discount on a retest of the structure before committing to the bullish thesis.'

Live GBP/USD market, 4-hour and daily charts

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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