Categories: Technical analysis

GBPCHF Wave Analysis 22 January, 2021

• GBPCHF reversed from long-term resistance level 1.2200

• Likely to fall to 1.2000

GBPCHF recently reversed down from the long-term resistance level 1.2200 (which has been reversing the price from the end of November) – standing near the lower daily Bollinger Band.

The downward reversal from this resistance level will most likely form the daily Morning Star candlesticks reversal pattern – if the price closes today near the current levels – which is a strong sell signal for this currency pair.

GBPCHF is expected to fall further in the active impulse waves 3 and (3) toward the next round support level 1.2000.

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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The FxPro Tech Analysis Team
Tags: GBPCHF

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