CHFGBP closes lower for the 2nd day in a row


Swiss Franc/British Pound (CHFGBP) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team

Highlights

CHFGBP breaks below key technical support level
CHFGBP closes below its opening price unable to hold early session gains
CHFGBP closes lower for the 2nd day in a row
CHFGBP breaks below Monday's low

Overview

Moving lower for the 2nd day in a row, CHFGBP finished the month 1.02% higher at 0.8512 after losing 36 pips (-0.42%) today on low volume. Trading 33 pips higher after the open, the pair was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Monday's low at 0.8529, the FX pair confirmed its breakout through the prior session low after trading up to 19 pips below it intraday.

Daily Candlestick Chart (CHFGBP as at Jun 30, 2020):

Daily technical analysis candlestick chart for Swiss Franc/British Pound (CHFGBP) as at Jun 30, 2020

Tuesday's trading range has been 68 pips (0.8%), that's slightly below the last trading month's daily average range of 78 pips. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for CHFGBP.

Prices broke below the key technical support level at 0.8535 (now R1), which is likely to act as resistance going forward. The last time this happened on June 2nd, CHFGBP lost -0.07% on the following trading day.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Selling might speed up should prices move below the nearby swing low at 0.8441 where further sell stops could get triggered.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Support S1" stand out. Its common bearish interpretation has been confirmed for CHF/GBP. Out of 332 times, CHFGBP closed lower 52.71% of the time on the next trading day after the market condition occurred.


Market Conditions for CHFGBP as at Jun 30, 2020

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