Technical Traits Of USDCHF And GBPCHF

USDCHF

Following its sustained break above 1.0080 – 1.0100 important resistance confluence, encompassing upper-line of the ascending trend-channel and horizontal-line stretched since January, the USDCHF seems accelerating its advance to 1.0215-20 resistance area prior to aiming for the 61.8% FE of its January lows to March highs, around 1.0300 round figure mark. Should the pair manage to surpass 1.0300 on a closing basis, chances of its test to August 2010 highs, above 1.0620, become brighter. On the downside, a daily close below 1.0080 negates the pair's recent break and can pull it back to 0.9980 and the 0.9950 downside levels, breaking which 0.9820-10 horizontal-line becomes strong support to limit the pair's further decline. Given the pair fails to hold 0.9810, also closes below 0.9800 mark, chances of its near-term advance gets negated and the pair becomes vulnerable to test 0.9670-50 multiple support area.

GBPCHF

On Tuesday, the GBPCHF surpassed it August highs and marked fresh high since January, indicating further up-move towards 61.8% FE of its May low to August high, around 1.5515; however, 1.5540-50 area, including multiple highs marked during January, may limit the pair's further upside. Given its ability to surpass 1.5550 on a closing basis, the February 2011 highs, around 1.5700, is likely an intermediate resistance before the pair could rally towards 1.6000 psychological magnet. Alternatively, a pullback from the current levels may witness 1.5360-50 as immediate support, breaking which steeply rising ascending trend-line support, near 1.5250, becomes an important support to consider. If the pair closes below 1.5250, it can quickly plunge to 1.51000 support-zone, breaking which 50-day and 100-day confluence, around 1.4985-70, is likely strong region to stop further declines by the pair.

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