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GBP/CHF hovers around 100-DMA

FXStreet (Mumbai) - Sterling is buoyed ahead of quarterly closing, taking the GBP/CHF pair to its 100-DMA located at 1.4792 levels.

GBP sees technical correction, CHF weakens as stocks rise

The current quarter has been on the worst off late for Sterling, especially against the EUR. Consequently, profit taking ahead of the quarterly closing has kept the GBP on a positive footing. Meanwhile, the risk-on seen in Europe kept CHF and other traditional safe haven assets under pressure.

Heading in the US session, the pair has backed-off slightly to trade around its daily high of 1.4816 to trade around its 100-DMA located at 1.4792 levels. The immediate focus now is on the US ADP report, which may impact the risk sentiment in the markets.

GBP/CHF Technical Levels

The immediate resistance is located at 1.4835 (July 2 high), above which the pair could rise to 1.49 levels. On the other side, support is seen at 1.4683 (Tuesday’s low), under which the pair could drop to 1.4618 (200-DMA).

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