• GBPCHF reversed from resistance level 1,2200
• Likely to fall to 1.2035

GBPCHF continues to fall inside the short-term impulse wave (iii) started earlier from the powerful resistance level 1,2200 (which has been reversing the price from the end of April as can be seen form the daily GBPCHF chart below) – standing near the upper daily Bollinger Band and the 50% Fibonacci correction level of the previous sharp downward impulse from February to March.

Given the strength of the resistance level 1,2200 and the bullish sentiment affecting the Swiss franc today, coupled with the minor sterling bearishness – GBPCHF is expected to fall further toward the next support level 1.2035 (low of the previous minor correction (b) from the start of November).