GBPCHF falls 1.41% on the day
The GBPCHF is the largest % change of the major currency pairs today. The pair is down around 1.41% for the day. It is off it's lows, however.
The main catalyst for the move today has been lower UK inflation. That has hurt the GBP overall. It is the weakest currency today against the major currencies.
Another potential contributor might have been the plane crash in France that has claimed 150 lives. Although terrorism is NOT thought to be the cause, the facts are still to be determined.
Finally, the pair has also gotten a push lower from a technical perspective.
Looking at the hourly chart above, the price fell below trend line support and has been able to stay below that line in trading over the last 6 trading hours. The line currently comes in at 1.4290.
The price has also moved below the 38.2% of the move up from a post SNB de-peg low (see 4 hour chart below). That level comes in at the 1.41915 - close to the broken trend line.. Gping forward, this area will be an important level to stay below to keep the sellers in control.
The next downside target comes in at the 1.4186 level (old highs from early February - see chart below) and below that, the 1.4143 lower trend line (see hourly chart above). .A move below that trend line would open up the downside for a further downside charge, with the 1.40135 a strong support target.
