The GBP/CHF has formed a bearish zigzag which is very strong on both intraday and higher timeframes. The price looks determined to push towards lower support levels.
The POC zone 1.2800-20 should reverse the price on a bearish candlestick formation after a retracement, if it happens. At this point the price is supported slightly above D L3, which could indicate a possible upside correction. If we don’t see any retracement pay attention to 1.2746 and 1.2710. The loss of 1.2710 support should initiate another bearish breakout towards 1.2650 and 1.2633. Only a close above 1.2914 would temporarily negate a strong bearish momentum in the GBP/CHF pair.
The analysis has been done with the CAMMACD.MTF template.
For more daily technical and wave analysis and updates, sign-up up to our ecs.LIVE channel.
Many green pips,
Nenad Kerkez aka Tarantula FX