GBP/CHF is a cross rate worth watching given the importance of both London and Switzerland as banking and financial centres, a reality that results in significant liquidity on this cross.
Today's trading activity was very technical as traders lifted the cross from the 1.5436 level, representing the 23.6% retracement of the range from last week's High of 1.5507 through the current intraweek low of 1.5414.
The 76.4% retracement of this range is 1.5485 and traders reached stops above this area today, eventually pushing the cross to its Highest level since 2011 as we can see on this Daily chart below.
In this Weekly chart below, we see that GBP/CHF tested 1.5477 last week and this week, representing an important retracement extension level.
A bullish upside target is 1.6423.
This cross rate has been one of the British pound's (GBP's) most technical crosses over the past several weeks.
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