Technical Analysis of GBP/CHF for May 24, 2016

Technical Analysis of GBP/CHF for May 24, 2016

24 May 2016, 10:11
Roberto Jacobs
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Technical Analysis of GBP/CHF for May 24, 2016


gbpchf24052016.jpg


Technical outlook and chart setups:

The GBP/CHF pair is seen to be trading at 1.4350/55 levels at this moment, looking to push higher towards 1.4700/10 levels. Please note that 1.4700/10 level is also the fibonacci 0.618 resistance level of the entire drop from 1.5570 through 1.3400 respectively. A bearish reaction should be expected at those levels, which would bring back bears in control and resume its downtrend. It is hence recommended to remain long for now, with risk at 1.4200 levels. Immediate resistance is seen through 1.4500 levels, while support is at 1.4300 levels respectively.

Trading recommendations:

Remain long for now, stop at 1.4200, a target is 1.4700.

Good luck!

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