GBPCHF: Rallies, Reverses Previous Week Losses
GBPCHF: A strong rally saw the cross breaking the 1.3533 level, its Aug 29’2011 high and reversing its previous week losses the past week. This has opened up further upside risk in the new week with the possibility of a run at the 1.4296 level, its May 22’2011 high. A cut through here will pave the way for a further push higher towards the 1.4548 level, its May 08’2011 high. Its weekly RSI is bullish and pointing higher suggesting further strength. On the downside, the immediate support stands at the 1.3533 level where a reversal of roles as support is expected to turn the cross higher in the direction of its nearer term uptrend. Below there if seen will call for more weakness towards the 1.3128 level and subsequently the 1.2519 level.