GBPCHF Chart Technical Outlook traded in a flat extended corrective structure with bears ready to fade rallies, GBP/CHF broad bias is bearish but traded sideways for almost two months in an extended flat corrective structure.
Technical indicators and retailers’ sentiment support the bearish bias.
The recent dovish comments from BoE Governor Andrew Bailey and the following BoE Decision Maker Panel survey data showed easing inflation expectations put pressure on GBP. At the same time, today’s temporary market relief could support it.
All in all, my bias is bearish.
A break above 1.1190 opens the door for 1.1250 to complete a five-wave WXYXZ pattern, where I expect a bounce lower.
1.1090 to 1.1060 is the support zone.
