GBP-CHF: More Strength Seen

The pound-Swiss franc cross currency pair (GBP-CHF) this past week followed through higher on its gains from the previous week to close above 1.4447, its Oct. 7 high.

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GBP-CHF is expected to see further strength in the coming week, given this past week's price action. The pound-Swiss franc currency is expected to next target 1.4702, its April 19 high. A breach of that level will set the stage for further strength toward 1.5179, the cross currency pair's April 6 high. GBP-CHF's weekly relative strength index is bullish and pointing higher, suggesting further strength. Conversely, on any correction, the pound-Swiss franc cross currency pair will target its May 20 high at 1.4363, where a loss will open the door for further declines toward 1.4296, the pair's May 22 high, and subsequently 1.3710, its Sept. 20 low. All in all, with the pound-Swiss franc cross currency pair maintaining its corrective recovery tone set from the 1.1465 level, we envisage more upward price action in the coming week..>To follow the writer on Twitter, go to http://twitter.com/fxtechstrategy.>To submit a news tip, send an email to: tips@thestreet.com.

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