Technical Analysis of GBP/CHF for June 02, 2016
Technical outlook and chart setups:
The GBP/CHF pair is seen to be trading at 1.4250/55 levels after bouncing off 1.4175 lows during early hours today. The pair seems to have formed an interim support at 1.4175 levels but should be looking to drop lower from the current levels or from 1.4300 levels. Please note that 1.4300 levels is also fibonacci 0.382 resistance as depicted here. Also note that past resistance (wave 4 of one lesser degree) was also at 1.4268 levels, hence a bearish reversal from here is a high probability. The recommendation is to remain flat for now and look to sell higher on rallies. Immediate resistance is seen at 1.4300 levels while support is at 1.4175 levels respectively.
Trading recommendations:
Remain flat for now.
Good luck!
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