Today, the CHF has risen up to the strong resistance level. A bounce back is a very probable scenario.
GBP/CHF falling inside impulse wave 3
- GBP/CHF falling inside impulse wave 3
- Next sell target - 1.2830
GBP/CHF recently reversed down from the strong resistance level 1.3040 (former powerful support from May and June, acting as resistance after it was broken by the previous impulse wave (i)). The downward reversal from the resistance level 1.3040 accelerated the active short-term impulse wave 3 from July. GBP/CHF is expected to fall further toward the next sell target at the next support level 1.2830 (target price for the termination of the active impulse wave 3).
Euro has started the morning with the correction after reaching a 3-weeks low with bearish potential
Technical analysis of the USD/CAD
The earnings season in the United States is still on. This means that stocks of the largest American companies will likely make big moves.
This week EUR/CHF broke below the 100- and 50-day MAs at 1.0966 and 1.0954 respectively.
After EUR/USD broke the 1.1180/1.1070 range to the downside, it has been trading within the short-term downtrend.