Fri, Jan 27, 2023 @ 05:44 GMT
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GBP/CHF continues consolidation pattern, targeting 1.104

GBP/CHF is so far one of the top movers for the week, even though over movements in the markets are rather indecisive. The decline from 1.1543 is seen as the third leg of the consolidation pattern from 1.1574. Deeper fall is expected as long as 1.1265 resistance holds.

Strong support could be seen around 1.1045 cluster (38.2% retracement of 1.1043) to complete the three-wave pattern. Break of 1.1265 resistance will bring stronger rise back to retest 1.1574. Nevertheless, sustained break of 1.1043/5 will be a sign of trend reversal, and target 61.8% retracement at 1.0714.

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