Technical Analysis of GBP/CHF for March 16, 2016
Technical outlook and chart setups:
The GBP/CHF pair has dropped below 1.4000 levels beyond what was expected and discussed earlier, but the pair is still above 1.3900 levels and that makes a valid case for a Wave 4 correction. Please note that the pair could stage a rally through 1.4300/20 levels till prices stay above 1.3900/20 levels. Also note that the pair is testing Fibonacci 0.618 support of the rally between 1.3750 and 1.4280 levels respectively. It is still recommended to remain long with risk at 1.3900 levels. Immediate support is seen at 1.3920 levels, while resistance is at 1.4300/20 levels respectively. Only a drop below 1.3900 levels would discard the bullish count.
Trading recommendations:
Remain long for now, stop at 1.3900, target 1.4300.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
