Technical Analysis of GBP/CHF for April 29, 2016
Technical outlook and chart setups:
The GBP/CHF pair is seen to be trading at 1.1410/20 levels at this moment, looking to push higher towards 1.4290/1.4300 levels at least. The pair is expected to produce a meaningful retracement thereafter. The pair is seen to be bouncing off the trend line support (wave 4) as well, producing an engulfing bullish candlestick signal. The current rally is wave 5 (the last leg) from 1.3400 levels earlier, which could extend up to 1.4300 levels at least. It is hence recommended to remain long for now, with stop at 1.4030 levels. Immediate support is seen at 1.4050 levels, while resistance is at 1.4300 levels respectively.
Remain long now, stop at 1.4030 levels, target is 1.4300.
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