GBP/CHF experienced a V-shaped rebound from the low of src.0src85 formed in September 2022. The first wave of the up-move found stiff resistance near src.src500/src.src580, representing the 6src.8% retracement from May 2022. Economists at Société Générale analyze the pair’s technical outlook.
src.src000 expected to act as an important support
The pair has entered a phase of wide consolidation in the form of a rectangle, consisting of flattish upper and lower bands. The downside has so far remained contained near src.src000 which is expected to act as an important support.
Currently, a pullback is underway, however, the recent pivot low of src.srcsrc40 should cushion the downside.
GBP/CHF is expected to head towards the upper limit of the multi-month range near src.src500/src.src580. Once this is overcome, an extended uptrend is likely towards src.src7src0 and the trend line drawn since 202src at src.src800.
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