GBP/CHF: buy target - 1.4900
By: Dmitriy Chernovolov
- GBP/CHF completed intermediate ABC correction (2)
- Next buy target - 1.4900
GBP/CHF recently reversed up sharply from the support zone lying between the support level 1.4600 (which also earlier reversed the previous A-wave at the end of August, as you can see below), the lower daily Bollinger Band and the 50% Fibonacci Correction of the previous sharp upward impulse wave (1) from May. The upward reversal from this support zone created the daily reversal pattern Piercing Line – marking the end of the previous intermediate ABC correction (2) from August.
GBP/CHF is likely to rise further in the active impulse wave 1 of the intermediate impulse wave (3) toward the next buy target at the resistance level 1.4900.