GBPCHF Wave Analysis 5 January 2024

– GBPCHF reversed from support level 1.0690

– Likely to rise to resistance level 1.0855

GBPCHF currency pair recently reversed up from the major support level 1.0690 (which stopped the sharp weekly downtrend at the end of 2022).

The support level 1.0690 was strengthened by the lower weekly and daily Bollinger Bands.

Given the strength of the support level 1.0690 and the bullish divergence on the weekly Stochastic, GBPCHF can be expected to rise further to the next resistance level 1.0855 (former support from the end of 2023).