Technical Analysis of GBP/CHF for April 11, 2016
Technical outlook and chart setups:
The GBP/CHF pair opened with a gap down today printing lows at 1.3400 levels before pulling back sharply. Please note that the pair has formed an engulfing bullish candlestick pattern on the 4H chart view, indicating a potential bullish reversal ahead. The pair is trading at 1.3450/60 levels for now, and a push through 1.3530 levels would confirm that bulls are back in control at least for the medium term. Furthermore, technical indicators are showing a bullish divergence as well (not depicted here), hinting at a potential rally ahead. It is recommended to turn long with risk below 1.3400 levels from here. Immediate support is seen at 1.3400 levels, while resistance is at 1.3530 levels respectively.
Trading recommendations:
Initiate long positions, stop below 1.3400 levels, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
