Technical Analysis of GBP/CHF for March 31, 2016
Technical outlook and chart setups:
The GBP/CHF pair is showing mixed signals for now and it is trading lower at 1.3830 levels. Please note that the pair has stalled and reversed from the Fibonacci 0.618 resistance of the drop between 1.4050 and 1.3720 levels. The structure indicates that bulls need to push above 1.4050 levels at least to confirm a bullish reversal going forward. Otherwise, bears would remain in control till the pair trades below 1.4050 levels and continue pushing lower below 1.3700 respectively. Hence it is recommended to exit long positions and remain short with risk at 1.4050 levels. Immediate resistance is at 1.4050 levels, while support is seen at 1.3700 respectively. On the flip side though, a push above 1.4050 and subsequently 1.4275 levels would confirm a double bottom.
Trading recommendations:
Exit long positions and remain short with stop at 1.4050 levels.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
