The GBP/CHF has formed a bearish zigzag pattern and we might see either continuation or a bounce. Look for a retest of W L3 camarilla.
If the price doesn’t close below 1.2334, we could see a bounce towards the POC zone. It is clearly visible on the chart with W L3 and descending trend line confluence. 1.2390-1.2405 could reject the price down towards 1.2350. However only below 1.2334 the pair will be targeting 1.2323 and 1.2300. A bullish close above 1.2408 will negate this scenario. At this point the price is still sold on rallies.
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.