GBP/CHF: trade idea
- GBP/CHF reached buy target 1.5000
- Next buy target - 1.5500
GBP/CHF recently reversed down sharply after reaching the round resistance level 1.5000 - which was set as the buy target in our previous forecast for this currency pair. This resistance level is the former strong support level which has been reversing the price in the second half of last year (as you can see from the weekly GBP/CHF chart below). The downward reversal from this level was quickly stopped by the sharp upward primaryⒸ-wave inside which the pair has been moving from the start of this year.
GBP/CHF is currently approaching the resistance level 1.5000. If the pair breaks this resistance level on a closing basis, GBP/CHF can then rise to the next buy target at 1.5500 (which reversed the pair multiple times last year).