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GBPCHF Forecast – October-23-2023

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In today’s comprehensive GBPCHF forecast, we will first scrutinize the current economic conditions in Switzerland. Following that, we will meticulously delve into the details of the technical analysis pertaining to the pair.

  • The return on Switzerland’s 10-year government bond has gone up past 1.2, according to the rates quoted between banks for this bond’s term.
  • The CH20, a stock market index in Switzerland, has dropped to a 12-month low, reaching 10313.

GBPCHF Forecast: A Stochastic Oscillator Analysis

The GBPCHF currency pair has been on a downward trajectory after failing to close above the Ichimoku cloud on the weekly chart. This trend has continued, with the bears breaking down the price from the range channel last week. Despite the Stochastic indicator being in the oversold area for weeks, selling pressure remains strong.

GBPCHF Forecast - October-23-2023

GBPCHF Forecast Daily Chart

A closer look at the daily chart provides more insight into the GBPCHF price action. With the Relative Strength Index (RSI) bouncing back above the 30 level, the price is now testing the broken support at 1.094. If the price stabilizes below S3, we can expect the decline to continue within the bearish channel, with 1.075 as the next target.

The bearish scenario remains valid as long as the pair stays within the bearish channel or below the 1.11 pivot.

  • 23 October 2023
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