2 Feb 2015
GBP/CHF jumps to highest since SNB action
FXStreet (Mumbai) - GBP/CHF advanced in the mid-European session as the Swiss franc was sold off as investors revaluate the right price for the cross.
Spiked to 1.4042 post UK PMI
Currently, the GBP/CHF traded 0.85% higher at 1.3980, having posted fresh session highs at 1.4075 levels earlier in the session. The franc came under pressure against the pound as traders discuss the SNB's activity on the market and the Swiss central bank is rumoured to have adopted an unofficial trading range for the cross between CHF1.05 and CHF1.10.
In addition, disappointing Swiss PMI reading for the manufacturing sector, which was in contraction at 48.2 in January, the lowest it has been since November 2012, also led the cross higher.
GBP/CHF Technical Levels
To the upside, the next resistance is located at 1.4042 levels and above which it could extend gains to 1.4075 levels. To the downside, immediate support might be located at 1.3879 levels and below that at 1.3774 levels.
Spiked to 1.4042 post UK PMI
Currently, the GBP/CHF traded 0.85% higher at 1.3980, having posted fresh session highs at 1.4075 levels earlier in the session. The franc came under pressure against the pound as traders discuss the SNB's activity on the market and the Swiss central bank is rumoured to have adopted an unofficial trading range for the cross between CHF1.05 and CHF1.10.
In addition, disappointing Swiss PMI reading for the manufacturing sector, which was in contraction at 48.2 in January, the lowest it has been since November 2012, also led the cross higher.
GBP/CHF Technical Levels
To the upside, the next resistance is located at 1.4042 levels and above which it could extend gains to 1.4075 levels. To the downside, immediate support might be located at 1.3879 levels and below that at 1.3774 levels.