GBPCHF INTRADAY coiling energy build up supported at 1.1366The GBP/CHF currency pair shows a bullish sentiment, supported by the prevailing uptrend. Recent intraday price action indicates a bounce back from the rising trendline support zone.
Bullish Scenario:
The key trading level to watch is 1.1366, representing the previous consolidation range. A corrective pullback to this level, followed by a bullish bounce, would likely target upside resistance at 1.1470. Further bullish momentum could see prices reaching 1.1510 and 1.1570 over the longer timeframe.
Bearish Scenario:
On the other hand, a confirmed loss of the 1.1366 support level, accompanied by a daily close below this point, would invalidate the bullish outlook. This would pave the way for a deeper retracement toward 1.1300, with the next support level at 1.1240.
Conclusion:
The prevailing sentiment remains bullish as long as 1.1366 holds as support. Traders should monitor this level for potential bounce signals to confirm continued upside momentum. A decisive break below 1.1366 would signal a shift to a bearish outlook, targeting lower support zones.
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