GBPCHF Breaks Resistance Zone, Targets 1.11

The GBPCHF currency pair has recently broken through a resistance zone located between the levels of 1.1000 and the resistance trendline of a daily Triangle from August.

This breakout has accelerated an earlier minor impulse wave 3, which is part of the intermediate impulse wave (3) from the middle of last month.

The strong daily uptrend in GBPCHF and bearish sentiment towards the Swiss franc are contributing factors to its expected rise to the next resistance level at 1.1100.