GBP/CHF Price Analysis: Bulls seeking a break of critical hourly resistance

GBP/CHF is accumulating on the daily time frame and there are bullish prospects.
The bulls need to break the hurdle of a significant hourly confluence of resistance.

Ross J Burland FXStreet

GBP/CHF is on the verge of a breakout of a narrowing environment on the lower time frames but has so far struggled to convince on the upside, trapped below critical resistance.

The following illustrates the prospect of an upside correction on the daily time frames and what it will require from the bulls working the price on the lower time charts.

Daily chart

A 50% mean reversion is compelling at this juncture that aligns with the prior lows and what would be expected to now act as a resistance area.

Hourly chart

However, from a lower perspective, the bulls have their work cut out while below a messy resistance and confluence with dynamic trendline resistance.

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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