• GBPCHF reversed from key support level 1,1900
• Likely to rise to 1,2100
GBPCHF recently reversed up from the key support level 1,1900 (which has been steadily reversing this currency pair from the end of December as can be seen from the daily GBPCHF chart below), intersecting with the 38,2% Fibonacci correction of the previous sharp upward ABC correction (ii) from the middle of December. The upward reversal from the support level 1,1900 stopped the previous impulse waves (iii) and 3.
Given the strength of the nearby support level 1,1900 and the and the widespread Swiss franc bearishness seen across the FX markets today – GBPCHF is expected to rise further toward the next resistance level 1,2100 (former monthly high from December – which formed the two consecutive patterns Bearish Engulfing).