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Wave Tech Analysis

FxPro Forex Analysis: GBP/CHF Wave Analysis – 15 August , 2018

GBP/CHF broke support level 1.2750
• Further losses are likely

GBP/CHF continues to fall after the recent breakout of the key support level 1.2750, which previously reversed the price in last October, as can be seen from the daily GBP/CHF chart below.

The breakout of the support level 1.2750 accelerated the active short-term impulse wave 3 – which belongs to the the medium-term impulse wave (C) from last month.

GBP/CHF is expected to fall further and retest the next support level 1.2500 (target price for the termination of the active impulse wave 3 – intersecting with the daily down channel from April).

GBPCHF - 1 - Aug-15 1928 PM (1 day)