GBP/CHF stands as one of the focuses this week, particularly in light of the upcoming monetary policy decisions by both BoE and SNB. Market consensus widely anticipates that both central banks will maintain their current interest rates.
GBP/CHF’s rebound from 1.0978 extends higher today. The development suggests that fall from 1.1153 has completed at 1.0978 already. More importantly, corrective pattern from 1.1150 might has completed with three waves down to 1.0978 too.
Further rise is now in favor as long as 1.1022 minor support hold. Decisive break of 1.1153 resistance will confirm resumption of whole rise from 1.0779. GBP/CHF should then target 61.8% projection of 1.0779 to 1.1150 from 1.0978 at 1.1199, or even further to 100% projection at 1.1341.
