GBP/CHF: buy targets – 1.3900 and 1.4000
By: Dmitriy Chernovolov
- GBP/CHF reversed from strong support level 1.3740
- Next buy targets – 1.3900 and 1.4000
GBP/CHF recently reversed up from the strong support level 1.3740 (which also previously stopped the earlier intermediate (A)-wave of the primary ABC correction ② from the middle of December). The upward reversal from this support level stopped the previous minor impulse wave 3, which belongs to the (C)-wave from the middle of this month.
Given the oversold reading on the daily Stochastic indicator and the bullish divergence on the daily RSI indicator - GBP/CHF can be expected to rise further from the current levels toward the next buy target at the resistance levels 1.3900 and 1.4000.