GBPCHF preferred Elliott wave structure shows 5 swings up from 6.5.2014 (1.4972) low. We believe pair is currently in 6th swing which has already tested 50 fib (1.5251) but can reach as low as 1.5190 – 1.5223 area before it turns higher toward 1.5464 ( C = A ) to end a 7 swing structure from 6.5.2014 low. So short-term we expect to see buyers between 1.5190 – 1.5223, invalidation level for this view is 1.5134. Then, after the next push higher we expect to see sellers between 1.5464 – 1.5542 for a 3 wave reaction lower.
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