GBP/CHF just dipped to a TRIPLE support zone as back-to-back central bank decisions sent the Swiss franc tumbling across the board.
Will the pair revisit its monthly highs in the next trading sessions?
Here’s what we’re seeing on the 4-hour time frame:
GBP/CHF 4-hour Forex Chart Faster with TradingView
The Swiss franc sold off broadly on Thursday after the SNB held rates at 0%, but quietly upgraded its language to signal an “increased willingness to intervene in the FX market if necessary,” a subtle but dovish shift that markets priced in quickly.
Meanwhile, the Bank of England also held rates at 3.75%, though a hawkish 7 – 2 vote split, with two MPC members pushing for an immediate hike, keeps the door open for more GBP support if rate hike expectations continue to firm through the second half of 2026.
Remember that directional biases and volatility conditions in market price are typically driven by fundamentals. If you haven’t yet done your homework on the British pound and the Swiss franc, then it’s time to check out the economic calendar and stay updated on daily fundamental news!
GBP/CHF has been climbing inside an ascending channel pattern since mid-May, with the 100 SMA tracking below price and keeping the broader uptrend intact.
After surging to highs near 1.0700, the pair pulled back to the mid-channel area, where the S1 Pivot at 1.0612, the 38.2% Fibonacci retracement, and the 100 SMA are all sitting close together.
Price is currently hovering just above that cluster at 1.0640.
Watch for bullish candlesticks around the 1.0612 – 1.0620 support zone, since a bounce from this area could open the door for a move back toward the Pivot Point at 1.0656, and eventually R1 at 1.0722 if the bulls take control of the channel again.
On the flip side, if the bears punch through that triple support zone, bearish candles closing below S1 at 1.0612 could point to a deeper slide toward the 50% retracement near 1.0580, with S2 at 1.0546 as the next major downside target.
Whichever bias you end up trading, don’t forget to practice proper risk management and stay aware of top-tier catalysts that could influence overall market sentiment.
Disclaimer:
Please be aware that the technical analysis content provided herein is for informational and educational purposes only. It should not be construed as trading advice or a suggestion of any specific directional bias. Technical analysis is just one aspect of a comprehensive trading strategy. The technical setups discussed are intended to highlight potential areas of interest that other traders may be observing. Ultimately, all trading decisions, risk management strategies, and their resulting outcomes are the sole responsibility of each individual trader. Please trade responsibly.
