Technical analysis

GBPCHF Wave Analysis – 7 December, 2022

• GBPCHF reversed from resistance level 1.1530

• Likely to fall to support level 1.1330

GBPCHF recently reversed down from the powerful resistance level 1.1530 (former double bottom from July), strengthened by the upper daily Bollinger Band and the 61.8% Fibonacci correction of the downward impulse from June.

The downward reversal from the resistance level 1.1530 stopped the earlier short-term impulse waves (iii) and C.

GBPCHF can be expected to fall further toward the next support level 1.1330 (low of the previous minor correction (ii)).

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