Technical analysis

GBPCHF Wave Analysis 19 September 2023

– GBPCHF reversed from multi-month support level 1.1080

– Likely to rise to resistance level 1.1170

GBPCHF currency pair recently reversed up from the major, multi-month support level 1.1080 (which has been reversing the price from February) intersecting with the lower daily Bollinger Band.

The upward reversal from the support level 1.1080 stopped the previous short-term impulse wave iii.

Given the strength of the support level 1.1080, GBPCHF can be expected to rise further toward the next resistance level 1.1170 (top of the previous correction ii).

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