Daily Forex Update: GBP/CHF

The short-term intraday time frames for the GBP/CHF have started to transition to more sideways market cycles. This comes after a month-long sell-off on the daily time frame, which carried prices down to a double-bottom with lows at 1.5790 and, during Monday's session, 1.5833. These lows have been established over a period of three months with a difference of just forty-three pips between the price levels.

Traders looking to possibly buy into a daily chart double bottom could do so with limited risk because a break below 1.5790 would likely usher in a new low. However, increased volatility is also likely as the bulls and bears battle for dominance at this level.