The graph below shows the excahge rate movement of GBPCHF over the last 24 hours.
Pound Swiss Franc has remained rangebound recently but could be set for movement as we have some key economic data releases comming up.
We could witness some movement on GBPCHF this week as we are set to see some big data releases out of the UK with Mark Carney deciding on the interest rate decision, currently sitting at 0.5%. Although it would seem unlikely we will witness an interest rate hike, any hint of an earlier than expected rise could cause sterling to rise against the Swiss Franc. GBPCHF has been trading for the last month in very tight parameters oscillating between 1.4950 and 1.5050. 1.5050 has kept the market in check for some time, and this has created a strong resistance barrier. Support at 1.4950 has not been breached since early May. With that in mind, should you have to buy CHF for any reason, whether it’s for a property purchase or for business requirements, buyers should be looking to take advantage of any moves towards or above the key 1.5050.
Friday we also see some key data released from Switzerland. Swiss CPI (consumer price index) measures the average price change of all goods and services. This data release has the propensity to cause volatility and the consensus is that we will see an improvement in the reading. Prior to this release it would be worth securing your CHF, alternately any CHF sellers should open an account with us to be ready if we see a dip and some CHF strength.
The Foremost Currency Group is one of the UK’s leading currency specialists, offering commercial exchange rates to private and business customers alike. If you have any currency exchange requirements on the horizon, please feel free to contact me directly Sam Edmanson – +44 (0) 1442 892060