GBPCHF Wave Analysis – 7 March, 2022

• GBPCHF reversed from support area
• Likely to rise to resistance level 1.2280

GBPCHF currency pair recently reversed up from the support area located between the multi-month support level 1.2135 (previous monthly low from October) and the lower daily Bollinger Band.

The upward reversal from this support area stopped the previous impulse waves 5 and (3).

Given the oversold reading on the daily Stochastic indicator, strong swiss franc outflows- GBPCHF can be expected to rise further toward the next resistance level 1.2280 (former monthly low from January).