Technical Analysis of GBP/CHF for April 12, 2016
Technical outlook and chart setups:
The GBP/CHF pair has rallied through 1.3600/20 levels, as expected and discussed yesterday. The pair is trading at 1.3580 levels at this moment, looking to push through 1.3725 intermediary resistance as depicted here (red color). Please note that the pair has broken above the immediate line of resistance and might drop lower towards 1.3475 levels (fibonacci 0.618 of the rally between 1.3400 and 1.3620 levels), before pushing higher. It is hence recommended to remain long for now and also look to add more positions on dips if possible. Immediate resistance is at 1.3725/30 levels, while support is seen through 1.3470/75 levels respectively.
Trading recommendations:
Remain long for now and also look to add on dips, stop at $1.3400 levels, target 1.3730/80.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
