Key Points
- The British Pound remained in an uptrend and moved above 1.2900 against the Swiss Franc.
- The GBPCHF pair is currently attempting a break above a short-term resistance at 1.2940 on the hourly chart.
- In Switzerland, the Unemployment Rate for April 2017 was released by the State Secretariat for Economic Affairs (SECO).
- The result was in line with the market forecast, as the Swiss Unemployment Rate came in at 3.3% in April 2017.
GBPCHF Technical Analysis
The British Pound maintained a nice bullish trend and moved above 1.2800 and 1.2850 against the Swiss Franc. The most important move was above 1.2900 in GBPCHF, opening the doors for more upsides in the short term.
The pair is currently attempting a break above a short-term resistance at 1.2940 on the hourly chart. If it succeeds, it could easily trade towards the 1.2960 level. Above 1.2960, the next target could be 1.3000.
On the downside, an initial support is near the 38.2% Fib retracement level of the last wave from the 1.2864 low to 1.2938 high. There is also a major bullish trend line at 1.2890, waiting to act as a hurdle on the downside for sellers.
Swiss Unemployment Rate
Recently in Switzerland, the Unemployment Rate for April 2017 was released by the State Secretariat for Economic Affairs (SECO). The forecast was lined up for the Unemployment Rate to remain stable at 3.3% in April 2017, compared with the last 3.3%.
The result was in line with the market forecast, as the Swiss Unemployment Rate came in at 3.3% in April 2017. The report added that “146,327 unemployed persons were registered at the Regional Employment Centers (RAV) at the end of April 2017, 5,953 less than in the previous month. The unemployment rate thus fell from 3.4% in March 2017 to 3.3% in the reporting month. Compared to the previous month, unemployment fell by 3,213 persons (-2.1%)”.
Overall, the GBPCHF may soon attempt an upside break above the 1.2940 for further gains in the near term.
