Forex: GBP/CHF rallies 100 pips on floor lift rumours
FXstreet.com (Barcelona) – The EUR has been dragging its value against the Swiss Franc to a low of 1.2250, with Swiss authorities having to take action on the market to stop hurting Swiss exports. The probable floor lift to 1.25 on EUR/CHF affects all CHF pairs, including the GBP/CHF.
While the SNB is about to make an announcement at 4pm GMT, the Swissy pairs have already start moving to the upside. The GBP/CHF rallied about 100 pips on American session, in a total of 180 pips on Friday. After reaching 1.4415, the pair retraced to 1.4400 surrounding area, but still unsteady.
On the downside, support areas might be at American session low, at 1.4310, and after that, at daily and 2-week low, 1.4234. Resistances on the upside may be found at 1.4486 (Nov-24 high) and 7-month high, 1.4570 (Nov-10 high).