EUR/USD reversed from support zone Next buy target - 1…
GBP/CHF reversed from support area
- GBP/CHF reversed from support area
- Next buy target - 1.2500
GBP/CHF recently reversed up with the daily Bullish Engulfing from the support area lying between the strong support level 1.2280 (which has reversed multiple previous downward waves from the middle of March, as can be seen from the daily GBP/CHF chart below) and the lower daily Bollinger Band. The upward reversal from this support area started the active minor impulse wave (iii). GBP/CHF is expected to rise to the next buy target at the next resistance level 1.2500.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
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…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.