GBP/CHF Attempts To Complete A 5th Wave

2022.05.23 16:06

Bearish

At time of writing, GBP/CHF is currently at 1.2081, at the possible start of a 5th fractal wave in a channel.

We are looking for a continuation to the S5 target 1.2068 and then on to the ATR target at 1.2039.

Watch for a reaction there, as well as any change in direction in the USDX which was trying to work its way up.

The ATR for the pair currently is 128 pips per day and its 180 day average is 113 pips per day. 

GBP/CHF Chart

Source