GBP/CHF broke pivotal resistance level 1.2890

GBP/CHF broke pivotal resistance level 1.2890

  • GBP/CHF broke pivotal resistance level 1.2890
  • Next buy target - 1.3120

GBP/CHF continues to rise inside the minor impulse wave (v) – which belongs to the impulse 3 from the middle of March. The price earlier broke above the pivotal resistance level 1.2890 (which stopped the previous waves (A), ii and (i), as can be seen from the daily GBP/CHF chart below). The breakout of this resistance level intensified the bullish pressure on this currency pair.

GBP/CHF is expected to rise to the next buy target at the next resistance level 1.3120 (top of the previous intermediate correction (B) from September and the target price for the completion of the active impulse wave 3).



EUR/USD: "V-Top" pattern

The pair is likely going to test the nearest support at 1.2313. If a pullback from this level happens little later on...



Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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