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GBPCHF: Reaching for 2015 highs

Since the start of the year the currency fell more than 0.5% and rose more than 3% this past month of October.

Last week the GBPCHF rose with a narrow range and closed near the high of the week suggesting a strong bullish momentum.

The Stochastic is displaying a strong bullish momentum and is crossing above the 50 mid line suggesting a strong support to the upside move.

The GBPCHF is in a bullish phase since mid-October and is trading above all three moving averages the 10, 50 and 200 week moving averages signalling a clear move the 2015 high.

Expecting an upward move to year high at 1.5545 on a break above previous week high at 1.5261 (scenario 1) or a bounce from a key level at 1.5117 could push the currency up to year high at 1.5545 (scenario 2).