GBP/CHF’s up trend resumes today and hits as high as 1.2393 so far, on news that UK is mulling lockdown exit after 1.5m of its most vulnerable population are vaccinated already. Health Secretary Matt Hancock said that there will be judgement this week while Prime Minister Boris Johnson will set out the roadmap on the 22nd.
GBP/CHF now pressing 61.8% projection of 1.1102 to 1.2259 from 1.1683 at 1.2398 and outlook will stay bullish as long as 1.2267 support holds. Sustained break above there will be a sign of more upside acceleration. Whole rebound form 1.1102 would then target 100% projection at 1.2840.
The projection level is close to 55 month EMA (now at around 1.2800). Sustained break there will at least eliminate medium term bearishness and could at least extend the rally to 1.3310 resistance next.
