Technical Analysis of GBP/CHF for April 27, 2016
Technical outlook and chart setups:
The GBP/CHF pair is quickly approaching the major resistance around 1.4280/90 levels as depicted on the chart view here. Bulls are likely to remain poised to take out resistance before producing a meaningful retracement lower. Please note that the pair has broken above its resistance trend line as well, hence 1.3750 levels would now provide strong support. The pair is likely to head towards 1.4700/50 levels after retracing lower as depicted with arrows here. It is expected to produce a bearish bounce at 1.4700/50 levels which is the Fibonacci 0.618 resistance of the drop between 1.5570 and 1.3400 levels respectively. It is recommended to remain flat and look to go short after a break of 1.4280 levels. Immediate resistance is seen at 1.4280/90 levels, while support is seen through 1.3700/50 levels.
Trading recommendations:
Flat for now. Looking to go short around 1.4300 levels, stop 1.4400, target 1.3750 levels.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
