GBPCHF recently reversed up from the support area lying between the round support level 1.1500 (which stopped the sharp weekly downtrend in 2011) and the lower monthly Bollinger Band.
The upward reversal from this support area stopped the previous short-term impulse wave 3.
Given the clear bullish divergence on the monthly Stochastic indicator – GBPCHF is likely to rise further toward the next resistance level 1.2100.
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