GBPCHF currency pair can be expected to fall further toward the next support level 1.1050 (former resistance which stopped wave (1) last month).
– GBPCHF reversed from combined resistance area
– Likely to fall to support level 1.1050
GBPCHF currency pair recently reversed down from the strong resistance area located between the pivotal resistance level 1.1150 (former Double Top from November), the upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous downward impulse from June. The downward reversal from the resistance level 1.1150 stopped the earlier impulse wave (3) from the start of February – signaling the start of the medium term downward correction.
Given the strength of the resistance level 1.1150 and the rising bullish Swiss franc sentiment that can be across on the FX markets today – GBPCHF currency pair can be expected to fall further toward the next support level 1.1050 (former resistance which stopped wave (1) last month).
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