• GBPCHF reversed from resistance area
• Likely to fall to 1.2060
GBPCHF currency pair recently reversed down from the resistance area lying between the powerful resistance level 1.2200 (which has been repeatedly reversing this currency pair from April as can be seen from the daily GBPCHF chart below) and the upper daily Bollinger band. The downward reversal from this resistance area stopped the previous waves (c) and (ii).
Given the overbought reading on the daily Stochastic indicator, the strength of the aforementioned resistance area and the predominantly bearish Swiss franc sentiment seen today – GBPCHF currency pair is expected to fall further toward the next support level 1.2060.