Technical analysis

GBPCHF Wave Analysis 26 November, 2020

GBPCHF Wave Analysis 26 November, 2020

• GBPCHF reversed from long-term resistance level 1.2200

• Likely to fall to 1.2030

GBPCHF recently reversed down from the strong long-term resistance level 1.2200 (which has been repeatedly reversing this currency pair from the end of April as can be seen from the daily GBPCHF chart below).

The downward reversal from the resistance level 1.2200 started the active minor impulse wave (iii) – which is a part of wave 3 – which also started from this price level at the start of November.

GBPCHF is likely to fall further toward the next support level 1.2030 (low of the previous short-term correction (b) from the middle of November).

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