GBPCHF Wave Analysis – 05 September, 2019

GBPCHF rising inside weekly wave (ii)
Further gains are likely

GBPCHF continues to rise inside the long-term upward corrective wave (ii) which started recently from the support area lying between the major long-term support level 1.1710 (yearly low from 2016) and the lower weekly Bollinger Band.

The active corrective wave (ii) belongs to the extended weekly downward impulse sequence ③ from the start of 2018.

GBPCHF is expected to rise further and retest the next resistance level 1.2280 (former strong multi-month support level from December).

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The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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