Technical Analysis of GBP/CHF for April 15, 2016
Technical outlook and chart setups:
The GBP/CHF pair has rallied higher and seems to have formed a meaningful bottom around 1.3380 levels. The pair is trading at 1.3690 levels at the moment, looking to drop lower towards 1.3520 levels before turning higher again. Structurally, the pair had rallied into resistance at 1.3740 levels earlier before pulling back. The pair may still rally one last time above 1.3740 levels and then produce a meaningful retracement lower. In any case, it is recommended to buy lower towards 1.3500/20 levels from here. Immediate interim resistance is seen at 1.3740 levels, while support is at 1.3600 levels respectively.
Trading recommendations:
Remain flat for now and look to go long at 1.3500/20 levels.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
