GBP/CHF: buy target - 1.5400
By: Dmitriy Chernovolov
- GBP/CHF broke multiple resistance levels
- Next buy target - 1.5400
GBP/CHF has been rising sharply in the last few trading sessions – breaking through the resistance levels 1.4900 (buy target set in our previous forecast for this currency pair) and 1.5100 (former major resistance level which stopped previous waves (a) and B in September, as you can see below). The breakout of the resistance level 1.4900 coincided with the breakout of the resistance trendline of the Falling Wedge chart pattern – which intensified the bullish pressure on this currency pair.
GBP/CHF is likely to rise further in the accelerated impulse wave 3 (which belongs to the intermediate impulse wave (3) from October) toward the next buy target at the next resistance level 1.5400.