Technical Analysis of GBP/CHF for March 21, 2016
Technical outlook and chart setups:
The GBP/CHF pair seems to have formed a base around 1.3950 levels today, before rallying towards 1.4005 levels again. The pair is now looking set to push higher towards 1.4300 levels at least, and also has the potential to rally through 1.4600/50 levels subsequently. Bulls are expected to remain in control till prices stay above 1.3880 levels going forward. Please also note that 1.3880 levels are also near the Fibonacci 0.618 support, of the rally between 1.3730 and 1.4250/60 respectively, and hence the significance. It is recommended to remain long for now, with risk at 1.3850 levels. Immediate support is seen at 1.3880 levels, while resistance is seen through 1.4300 levels respectively.
Trading recommendations:
Remain long; stop at 1.3850, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
