Forex Market: GBP/CHF daily forecast

During yesterday’s trading session GBP/CHF traded within the range of 1.5362-1.5434 and closed at 1.5374.

At 6:41 GMT today GBP/CHF was gaining 0.04% for the day to trade at 1.5383. The pair touched a daily high at 1.5389 at 6:27 GMT.

Fundamental view

United Kingdom

Retail Sales in the UK probably rose 0.3% in June on a monthly basis, according to the median analysts’ estimate. In May retail sales declined 0.5%.

The indicator measures the change in the volume of sales made by retailers in the UK. The information is derived from a monthly survey among major retailers. Higher volumes of retail sales mean greater consumer demand, higher production and economic growth. This is the percentage change in the index from the previous month.

On year-over-year basis, retail sales probably jumped 3,9% last month, following a 3.9% gain in May.

At the same time, core retail sales probably jumped by an annualized 4.6% in June, following a 4.7% gain in the preceding month.

The Office for National Statistics is scheduled to release an official report at 8:30 GMT. Higher-than-expected readings will certainly heighten the appeal of the pound.

Technical view

According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 1.5390. In case GBP/CHF manages to breach the first resistance level at 1.5418, it will probably continue up to test 1.5462. In case the second key resistance is broken, the pair will probably attempt to advance to 1.5490.

If GBP/CHF manages to breach the first key support at 1.5346, it will probably continue to slide and test 1.5318. With this second key support broken, the movement to the downside will probably continue to 1.5274.