{"id":18421,"date":"2011-01-21T07:00:42","date_gmt":"2011-01-21T12:00:42","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=18421"},"modified":"2011-01-21T07:00:42","modified_gmt":"2011-01-21T12:00:42","slug":"gbpchf-meeting-resistance-at-1-5388","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2011\/01\/21\/gbpchf-meeting-resistance-at-1-5388\/","title":{"rendered":"GBP\/CHF Meeting Resistance at 1.5388"},"content":{"rendered":"

By Greg Holden<\/strong><\/p>\n

The British pound has had difficulty breaching the 1.5388 price barrier against the Swiss franc lately. Over the past several days the GBP\/CHF<\/a> has attempted a breakthrough beyond this border, but has met staunch resistance each time.<\/p>\n

As we can see on the chart below, most technical indicators allow us to see why the pair is struggling at this price. The price of 1.5388 represents the significant 61.8% Fibonacci retracement level for this pair.<\/p>\n

The MACD\/OsMA<\/a> reveals a high-rise, bearish cross followed by a descending movement in the oscillator\u2019s directionality. This suggests not only an impending bearish movement, but significant pressure resting atop the pair, deterring bullishness.<\/p>\n

The Stochastic<\/a> (fast) oscillator, typically an excellent gauge of short-term directionality, also provides an imminent bearish cross.<\/p>\n

These two indicators together highlight the level of technical resistance pushing down on the GBP\/CHF<\/a>.<\/p>\n

Combined with the Fibonacci level<\/a> drawn on the chart below, it appears this pair, if able to break beyond this border, will likely take off in a sharp bullish run. But chances are this pair will continue to meet resistance and retrace lower towards the 1.5200 price level over the coming weeks.<\/p>\n

\"\"<\/a><\/p>\n

Forex Market Analysis provided by ForexYard. <\/a><\/strong><\/em><\/span>
\n<\/a><\/strong><\/em><\/p>\n

\u00a9 2006 by FxYard Ltd<\/p>\n

Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.<\/p>\n","protected":false},"excerpt":{"rendered":"

The British pound has had difficulty breaching the 1.5388 price barrier against the Swiss franc lately. Over the past several days the GBP\/CHF has attempted a breakthrough beyond this border, but has met staunch resistance each time.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-18421","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/18421","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=18421"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/18421\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=18421"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=18421"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=18421"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}