GBPCHF Wave Analysis – 16 March, 2020

GBPCHF broke multi-month support level 1.1700
Likely to fall to 1.1500

GBPCHF recently broke the key multi-month support level 1.1700 (which previously stopped the sharp downtrend in August of 2019 as can be seen below).

The breakout of the support level 1.1700 accelerated the active impulse wave (iii) – which is a part of the longer-term downward impulse sequence 3 from December.

GBPCHF is likely to fall further toward the next support level 1.1500 (target price for the completion of the active impulse wave (iii))

The FxPro Tech Analysis Team

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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Tags: GBPCHF

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