GBP/CHF: sells targets - 1.3800 and 1.3600
By: Dima Chernovolov
- GBP/CHF reached sell target 1.4200
- Next sells targets - 1.3800 and 1.3600
GBP/CHF has been falling sharply in the last few days – breaking the daily Triangle from the middle of January, the support level 1.4200 (which was set as the sell target in our previous report for this pair) and – most recently – breaking though the round support level 1.4000 (as you can see from the daily GBP/CHF chart below). Each of these 3 consecutive breakouts added to the bearish pressure on this currency pair – accelerating the active C-wave of the intermediate ABC correction (2) from March.
GBP/CHF is likely to fall further inside the active C-wave toward the next sell targets 1.3800 and 1.3600. Sell stop-loss can be placed above the recently broken price level 1.4000.