ANALYSIS
NQ100 Finds Support from PPIApr 14
A Descending Channel May Occur in GBPCHF
In his speech last night, Bank of England Governor Andrew Bailey stated that the members of the Monetary Policy Committee will focus on fighting inflation and will not be unduly affected by concerns about the health of the global banking system. In addition to the breaking of the descending wedge as a result of this, the depreciation in the Swiss Franc is pushing the pair upwards due to the recession risks that have come to the fore recently. On the hourly chart we examined technically, we see that the upward movements have returned from the 1.1310 point, which corresponds to the Fibonacci 23.6 correction. While closing above the 1.1310 region, the 1.1345 level will be another resistance area, the reversals from here may create a descending pattern. On the other hand, the 1.1250 level will be our critical support point.
