GBP/CHF struggles to stay positive

FXStreet (Mumbai) - The bid on the CHF is making it difficult for the GBP/CHF cross to maintain its gains, although a weekly gain is pretty much a done deal now.

Trades around 1.5160

The cross dipped to a low of 1.5138 before recovering to 1.5160 levels. A drop in the October Swiss KFP institute indicator appears to have halted the appreciation in the Swiss Franc. The USD/CHF pair, being overbought on technical charts, dropped 0.10%.

Meanwhile, the cable added 0.19% on the back of a broad based USD selling in early Europe. Consequently, the GBP/CHF has managed to stay marginally positive.

GBP/CHF Technical Levels

The immediate resistance is seen at 1.5201 (Oct 28 high), above which the cross could rally to 1.5316 (Aug 19 high). On the other side, support is seen at 1.5137 (hourly 50-MA) and 1.5106 (hourly 100-MA).