GBP/CHF rising inside minor impulse wave 3

GBP/CHF rising inside minor impulse wave 3

  • GBP/CHF rising inside minor impulse wave 3
  • Next buy target - 0.9600

GBP/CHF continues to rise inside the sharp minor impulse wave 3, which earlier broke through the key resistance level 1.2650 (which stopped the previous minor correction (ii) in the middle of August, as can be seen from the daily GBP/CHF chart below). The breakout of the resistance level 1.2650 strengthened the bullish pressure on this currency pair – leading to todays’ breakout of the resistance trendline from May – which further accelerated the active impulse waves 3 and (C). USD/CHF is expected to rise to next buy target at the next resistance level 0.9600 (top of wave B).


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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