GBPCHF Wave Analysis 23 October, 2020

• GBPCHF reversed from resistance level 1,1900

• Likely to fall to 1,1740

GBPCHF recently reversed down from the resistance level 1,1900 (which is the upper boundary of the sideways price range inside which the pair has been trading from last month).

The resistance area near the resistance level 1,1900 is strengthened by the upper daily Bollinger Band and by the 50% Fibonacci retracement of the downward impulse (i) from the start of September

GBPCHF is likely to fall further toward the next support level 1,1740 (lower boundary of the aforementioned price range).

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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