GBP/CHF rises strongly to as high as 1.2605 so far today week. Current development argues that correction from 1.3070 has completed with three waves down to 1.2134. That came just ahead of 50% retracement of 1.1107 to 1.3070 at 1.2089.
Further rise is now expected as long as 1.2452 support holds. Sustained break trend line resistance (now at 1.2642) will affirm this bullish case and target 1.2816 and then 1.3070 high.
While it’s a bit early, it should noted that sustained break of 1.3070 will likely be accompanied by sustained trading above 55 month EMA. That would be a long term bullish signal, which suggest that rise from 1.1107 is at least correcting the down trend from 2.7328 (2000 high).
