After a night turmoil which took place on October 7th on the British pound GBPCHF run very quietly. Price formed a downward channel, inside which GBPCHF is moving from just over a week. Local support is located at 1.2020 and today in the morning this level is tested.
If price breaks this local support at 1.2020 it should quickly get to the October lows in area of 1.1960. The next goal for bears will be the lower limit of the descending channel, which is currently in the region of 1.1880. Alternatively, if bulls defend support at 1.2020, 100 pips higher there is the upper limit of the channel, which will stop eventual demand.
