Technical analysis

GBPCHF Wave Analysis – 26 June, 2020

GBPCHF Wave Analysis – 26 June, 2020

• GBPCHF broke support zone

• Likely to fall to 1.1600

GBPCHF today broke below the support zone lying between the key support level 1.1760 (monthly low from the middle of May) and the 38.2% Fibonacci retracement of the previous ABC correction (B).

The breakout of this support zone accelerated the active short-term impulse wave 3 – which belongs to the downward impulse (C) from the start of June. GBPCHF is likely to fall further toward the next support level 1.1600 (target price for the completion of the active impulse wave 3).

Article Rating