Technical Analysis of GBP/CHF for May 16, 2016
Technical outlook and chart setups:
The GBP/CHF pair is seen to be trading at 1.4020/25 levels at this moment and should remain well capped below 1.4225 levels going forward. The pair is expected to face stiff resistance around 1.4050 levels, and a turn lower could be expected from there. However, a break above 1.4100 levels would rally further and test 1.4200 levels. The structure indicates that a high probability remains for a push lower till prices stay below 1.4225 levels. It is hence recommended to remain short with risk at 1.4230/50 levels. Immediate resistance is seen at 1.4100 levels, while support is at 1.3800 levels respectively.
Trading recommendations:
Remain short, stop above 1.4220, target is open.
Good luck!
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