The GBP/CHF pair has continued to form strong correctional bullish waves, reaching the 1.1040 level and testing the resistance of the bearish channel visible on the chart.
The potential future scenario hinges on the strength of this resistance line. If the resistance holds, there could be an expectation of a renewed bearish movement, targeting 1.0975 and potentially reaching 1.0905. On the other hand, sustained positive pressures and a breach of the resistance may signal a shift to a bullish trajectory. This could open the way for additional positive targets, with 1.1080 and 1.1150 highlighted as the first main targets for the bullish trend.
The expected trading range for the day is between 1.1045 and 1.0975, with the overall expected trend being bearish. Traders will likely watch the behavior around the resistance line for further cues on the pair’s direction.