GBP/CHF is so far the biggest mover for today. The race is actually quite tight with GBP/USD, GBP/JPY and NZD/CHF.

Anyways, GBP/CHF’s rebound from 1.2755 accelerates further higher today and focus is now on 1.3115 resistance. Decisive break there will confirm resumption of whole rise from 1.2457. This will remain the favored case as long as 1.2964 minor support holds. Though, break of 1.2964 could prompt near term reversal.

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Prior break of 1.3049 support turned resistance suggests that whole decline from 1.3854 has completed at 1.2457. Such decline displayed a three wave corrective structure. The reversal also came after drawing support from 61.8% retracement of 1.1701 (2016 low) to 1.3854 (2018 high) at 1.2523. So overall, the fall from 1.3854 to 1.2457 should be a counter trend move. And, the current rise from 1.2457 is likely along the larger main trend. Hence, on decisive break of 1.3115, GBP/CHF should target 100% projection of 1.2457 to 1.3115 from 1.2755 at 1.3413 in near term.


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