Technical analysis

GBPCHF Wave Analysis 24 January 2024

– GBPCHF falling inside minor impulse wave a

– Likely to fall to support level 1.0900

GBPCHF continues to fall inside the minor impulse wave a of the B-wave which started earlier from the key resistance level 1.1060 (which reversed the pair multiple times in December).

The resistance level 1.1060 was further strengthened by the upper daily Bollinger Band.

Given the strength of the active downtrend and the overbought daily Stochastic, GBPCHF currency pair can be expected to fall further to the next support level 1.0900 (target for the completion of the active wave a).

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