GBP/CHF: buy target - 1.5400
By: Dmitriy Chernovolov
- GBP/CHF reversed from pivotal support level 1.5100
- Next buy target - 1.5400
GBP/CHF recently reversed up sharply from the pivotal support level 1.5100 (former strong resistance level which reversed earlier waves (a) and (c) in September, acting as support now after it was broken by the previous wave 2, as can be seen below). The upward reversal from this support level created the daily Japanese candlesticks reversal pattern Hammer – increasing the likelihood of further gains of this currency pair in the coming trading sessions.
GBP/CHF is likely to rise further toward the next buy target at the strong resistance level 1.5400 (which stopped previous extended intermediate wave (B) in August).