GBP/CHF: trade idea
• GBP/CHF rises inside intermediate impulse wave (1)
• Next buy target - 1.5000
GBP/CHF has been rising strongly in the last few trading weeks – in accordance with our earlier forecast for this currency pair. The price previously broke up above the three consecutive resistance levels: 1.4000 (which was set as the buy target in our earlier report for this currency pair), 1.4200 (former strong support from April and July of 2013) and 1.4400 (strong support from October and December of 2013). Each of these resistance breakouts added to the bullish pressure on GBP/CHF – greatly accelerating the bullish momentum (as you can see from the weekly Momentum indicator below).
GBP/CHF is likely to rise further in the active intermediate impulse wave (1) toward the next buy target - 1.5000 (former strong support which reversed the pair in September, October, November and December of 2014).