Technical Analysis of GBP/CHF for April 08, 2016
Technical outlook and chart setups:
The GBP/CHF pair has dropped quite a bit lower into 1.3400 levels as depicted here, looking to produce a pullback/retracement towards 1.3740/50 levels at least. Please note that a break above 1.3950 levels and subsequently the trend line resistance would be required to confirm that the pair has formed a meaningful bottom around 1.3400 levels. It is recommended to initiate long positions now with a risk below 1.3400 levels for now. Immediate support is seen at 1.3400 levels while resistance is at 1.3700 levels respectively. Short-term indicators are pointing towards a potential pullback rally through 1.3740/50 levels.
Trading recommendations:
Remain long for now, stop below 1.3400, target 1.3750.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
