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GBPCHF Wave Analysis – 17 January, 2019

  • GBPCHF broke resistance area
  • Further gains are likely

GBPCHF continues to rise inside the impulse wave (c)  – which previously broke the resistance area lying between the key resistance level 1.2600 (which reversed the pair multiple times in December) and 38.2% Fibonacci correction of the previous sharp downward impulse from November.

The breakout of this resistance area accelerated the active short-term impulse wave (c) – which belongs to the medium-term ABC correction 2 from the start of January.

GBPCHF is expected to rise further and re-test the next resistance level 1.2850 (target price for the completion of the active ABC correction 2).

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Source: FxPro


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