GBP/CHF Elliott Wave Last week the GBP/CHF pair was developing B wave (coloured green). During the early Friday's European session the GBP/CHF pair was trading in a upward movement and reached 1.4770 level. The major has failed to hold this level and the price pushed back in the late European session to the 1.4700 level (100EMA support). Therefore during the New York session we could observe the ascending movement towards 1.4750 level. Today during the Asian market price continues trading in a bullish mood to the new high at 1.4785 level. We can consider this move as the end of the B wave (coloured green). Presently we can observe the start of the C wave (coloured green). In accordance with our wave rules and taking into account that the wave C retraces 100% of the wave A, we can define the potential targets with Fibonacci extensions (1.4755-1.4613-1.4785). Take Profit 1 at 1.4632 (100% of wave A) and Take Profit 2 at 1.4578 (138.2% of wave A). As Stop Loss the resistance level at 1.4800 can be used
Support and Resistance levels (S3) 1.4638 (S2) 1.4674 (S1) 1.4696 (PP) 1.4732 (R1) 1.4768 (R2) 1.4790 (R3) 1.4826
Trading Forecast Proceeding from Elliott Wave Rules this week the trend is expected to begin the downward movement. That is why Short positions at level 1.4760 with Stop Loss at 1.4800, Take Profit 1 at 1.4632 and Take Profit 2 at 1.4578 are recommended.
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