Technical Analysis of GBP/CHF for May 12, 2016
Technical outlook and chart setups:
The GBP/CHF pair is trading lower at 1.4000 levels for now, and it seems to have finally carved out a lower top at 1.4100 levels yesterday. The pair is likely to push lower towards 1.3570 levels from the current levels. Importantly, 1.4100 levels was Fibonacci 0.618 resistance of the drop between 1.4220 and 1.3825 levels as well. The wave structure indicates that bears are likely to remain in control going forward. Hence, it is recommended to remain short with risk above 1.4230 levels. Immediate resistance is seen at 1.4100 levels, while support lies at 1.3800 levels (interim).
Trading recommendations:
Remain short for now, stop above 1.4230, target is open.
Good luck!
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