During yesterday’s trading session GBP/CHF traded within the range of 1.5292-1.5368 and closed at 1.5305.
At 6:08 GMT today GBP/CHF was gaining 0.01% for the day to trade at 1.5307. The pair touched a daily high at 1.5320 at 1:20 GMT.
Fundamental view
Switzerland
The annualized index of consumer prices (CPI) in Switzerland probably rose 0.2% in June, after it gained 0.2% in May. In monthly terms, consumer prices probably gained 0.1% last month, following a 0.3% advance in May. In case the CPI accelerated more than anticipated, this would have a bullish effect on the franc. The official report is to be released at 7:15 GMT.
In addition, Retail Sales in the country probably jumped 1.5% in May compared to a year ago, following a 0.4% gain in the previous month.
The index measures the change in the value of sales made by retailers in the country. The amount of sales includes indirect taxes, but without discounts. Revenue from wholesale and the provision of those services are not included. The study includes 850 different business activities. Dealers of vehicles are also included, with the exception of those selling motorcycles. This is the percentage change compared to the corresponding month of the previous year.
The Federal Statistical Office will publish an official report at 07:15 GMT.
United Kingdom
Annualized industrial output in the United Kingdom probably expanded 3.2% in May, following another 3% increase during the preceding month. In monthly terms, industrial production probably increased 0.3% in May, after adding 0.4% in the previous month. The index presents the change in the total inflation-adjusted value of production in sectors such as manufacturing, mining and energetics.
UK’s annualized manufacturing production, a short-term indicator which accounts for almost 80% of nation’s industrial output, probably expanded 5.6% in May. In April manufacturing output rose at an annualized pace of 4.4%. In monthly terms, production probably increased 0.4% during last month. As it is a key component of country’s Gross Domestic Product, in case manufacturing production expanded more than projected, this would have a bullish effect on the sterling.
The Office for National Statistics (ONS) will release the official figures at 8:30 GMT.
Technical view
According to Binary Tribune’s daily analysis, in case GBP/CHF manages to breach the first resistance level at 1.5350, it will probably continue up to test 1.5398. In case the second key resistance is broken, the pair will probably attempt to advance to 1.5427.
If GBP/CHF manages to breach the first key support at 1.5275, it will probably continue to slide and test 1.5246. With this second key support broken, the movement to the downside will probably continue to 1.5199.
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