Technical Analysis of GBP/CHF for May 23, 2016
Technical outlook and chart setups:
The GBP/CHF pair still has room left on higher side, while it is trading at 1.4365 levels at this moment. The pair is expected to drop to 1.4280 levels before reversing higher again. Please also note that fibonacci 0.382 support of the rally between 1.3950 and 1.4490 levels is passing through 1.4280 respectively. A bullish reversal is expected here, and the pair should push higher towards 1.4700/25 levels at least before turning lower again. It is hence recommended to turn long again from 1.4280/90 levels, with risk just below the lows. Immediate support is seen at 1.4280 levels, while resistance is at 1.4490 levels respectively.
Trading recommendations:
Remain flat for now and look to go long around 1.4280 levels.
Good luck!
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