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Technical analysis for GBP/CHF, the pair reached the first target of the bullish run on the daily chart, the 1.272 FIB extension at 1.2605, and started a pullback. On the weekly chart, the pair closed with a Dragonfly Doji rejecting the 0.618 FIB retracement on the weekly chart at 1.2575, which is a signal for a pullback. The first target of this pullback is the 0.382 FIB retracement on the weekly chart at 1.2425. The second target is the daily 50 EMA at 1.2400. If the GBP/CHF breaks below 1.2400, that may open the door for a bearish run toward the 0.618 FIB retracement on the weekly chart, at 1.2310.
On the other hand, the GBP/CHF is sitting on a phase line on the daily chart and within a support zone, which may be enough to resume the bullish daily run. For that, we will need to see a break above last week’s high at 1.2610. A break above 1.2610 will resume the daily bullish trend and send the GBP/CHF higher. The second target for this bullish trend is the 1.618 FIB extension at 1.2690. The third target is the 2.272 FIB extension at 1.2850.
Daily chart:
Weekly chart:
