GBPCHF Wave Analysis – 8 June, 2020

• GBPCHF reversed from resistance area

• Likely to fall to 1.2000

GBPCHF recently reversed down from the resistance area lying between the key resistance level 1.2200 (former monthly high from April), upper daily Bollinger band and the 61.8% Fibonacci correction of the previous sharp downward impulse from February.

The downward reversal from this resistance area stopped the previous short-term impulse wave (c).                                     

GBPCHF is likely to fall further toward the next round support level 1.2000 (low of the previous short-term corrective wave (iv)).