• GBPCHF reversed from support area
• Likely to test resistance level 1.2975
GBPCHF currency pair recently reversed up with the daily Hammer from the support area located between the support level 1.2800 (which also previously reversed the pair at the start of March as can be seen below), 20-day moving average and the 50% Fibonacci correction of the previous upward price impulse from the end of February. The upward reversal from this support area stared the active short-term impulse wave (iii).
Given the persistent daily uptrend and the moderate new Zealand bearishness seen today – GBPCHF currency pair can be expected to rise further toward the next resistance level 1.2975 (top of the previous short-term impulse wave (i)) – from where the price is likely to correct down.