There is no reason to change our call for a lower GBPCHF. There is a long term measured support level at 1.9125. The bias is bearish as long as price is below 2.0538 although price ideally remains below 2.0231.
There is no reason to change our call for a lower GBPCHF. There is a long term measured support level at 1.9125. The bias is bearish as long as price is below 2.0538 although price ideally remains below 2.0231.
The GBPCAD continues to fall and the pair has broken below the November 2007 low. Potential channel support is at near 1.84 this month. The next major chart support is not until the February 1993 low at 1.7668. A corrective bounce is underway near term (it appears); look for resistance at 1.9412.
A long term downward sloping channel has contained price since September 2001. The rally from the lower end of that channel is in 5 waves (visible on the daily) so expect a corrective decline over the next several weeks and maybe months before the advance resumes.
A C wave is working higher from the low earlier this year. This advance will most likely exceed 3.0702 within the next year. A long term bullish bias is warranted against 2.5726, which may be a wave ii of 2 low.
Jamie Saettele writes Forex Technicals: The Day Ahead, Monday-Thursday (published at 6 pm EST), Daily Technicals every weekday morning (9 am EST), COT analysis (published Monday mornings), and analysis of currency crosses throughout the week. He is also the author of Sentiment in the Forex Market.
Contact at jsaettele@dailyfx.com
