The GBPCHF approaches the resistance – Analysis – 12-1-2022

The GBPCHF pair formed strong correctional bullish rally recently, achieving many gains by reaching 1.2608, noting that the stability of 1.2645 extended resistance that forms solid obstacle against the attempt to regain the bullish bias might force the price to end the correctional attempts, to form negative waves and target 1.2525 level initially, followed by reaching the moving average 55 at 1.2455.

Also, stochastic reach to the overbought areas confirms ending the bullish attack, waiting to gather the negative momentum in order to start the expected negative attack.

The expected trading range for today is between 1.2645 and 1.2525

The expected trend for today: Bearish