GBP/CHF: buy target - 1.4900
By: Dmitriy Chernovolov
- GBP/CHF reversed from powerful support level 1.4600
- Next buy target - 1.4900
GBP/CHF continues to rise after the recent upward reversal from the powerful support level 1.4600 (which earlier reversed waves (A) and ② in August and October respectively). The support zone near the support level 1.4600 was strengthened by the lower daily Bollinger Band and by the 50% Fibonacci Correction of the previous upward price move from May. The latest upward reversal from 1.4600 stopped the C-wave of the previous ABC correction (2).
GBP/CHF is likely to rise further in the next intermediate impulse wave (3) toward the next buy target at the resistance level 1.4900.