Technical Analysis of GBP/CHF for May 13, 2016
Technical outlook and chart setups:
The GBP/CHF pair is now starting to accelerate lower, and is trading at 1.3988 levels at this moment. The pair was drifting sideways after printing 1.4074 highs yesterday. It seems to remain in control of bears till prices stay below 1.4100 levels. Please also note that it has already broken below the counter trend line support (not shown here) and the downside is expected to accelerate towards 1.3570 levels. It is hence recommended to remain short with risk at 1.4100 levels from here on. Immediate resistance is seen at 1.4100 levels, while support is seen at 1.3930 levels. Look lower from here.
Trading recommendations:
Remain short, stop is at 1.4100, target is 1.3570.
Good luck!
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