As seen in the following trade opportunity alert for GBP/CHF, the pair recently broke up through the resistance trendline of the daily Falling Wedge chart pattern. GBP/CHF is expected to rise further toward the target level 1.4484 over the next 5 days. This target level stands close to the level of the last downward reversal point of the upper resistance trendline of the broken Falling Wedge (point B on the chart below). The stop level for this advance is set at 1.3965 (point A, which is the bottom of this chart pattern). This support level formed when the pair reversed up from the combined support area made out of the round price level 1.4000, and the 38,2% Fibonacci Retracement of the earlier weekly upward price impulse from August 2011.
GBP/CHF" title="GBP/CHF" width="600" height="333">
The following weekly GBP/CHF chart shows the aforementioned support levels converging near the bottom of the above Falling Wedge:
GBP/CHF" title="GBP/CHF" width="596" height="585">
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Daily Forex Update: GBP/CHF
Published 03/05/2013, 04:42 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: GBP/CHF
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