Categories: Technical analysis

GBPCHF Wave Analysis 4 February, 2021

• GBPCHF broke multi-month resistance level 1.2200

• Likely to reach resistance level 1.2480

GBPCHF recently broke the powerful multi-month resistance level 1.2200 (which has been repeatedly reversing this currency pair from last April – as can be seen from the daily GBPCHF chart below).

The breakout of the resistance level 1.2200 coincided with the breakout of the 50% Fibonacci correction level of the sharp downward impulse (5) from December of 2019 to March of 2020.

GBPCHF is expected to rise further toward the next resistance level 1.2480 (61.8% Fibonacci correction level of the aforementioned downward impulse (5) from 2019).

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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Tags: GBPCHF

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