GBP/CHF reversed from the resistance area

GBP/CHF reversed from the resistance area

  • GBP/CHF reversed from the resistance area
  • Next sell target - 1.3130

 GBP/CHF today reversed down sharply from the combined resistance area lying between the key resistance level 1.3460 (previous buy target and the top of the earlier minor impulse wave (iii) from December) and the upper daily Bollinger Band. The downward reversal from this resistance area stopped the previous impulse waves 3 and (v). Given the overbought daily Stochastic, GBP/CHF is expected to fall to the next sell target at the next support level 1.3130.



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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