Technical Analysis of GBP/CHF for June 01, 2016
Technical outlook and chart setups:
The GBP/CHF pair is seen to be trading at at 1.4390 levels at this moment after reversing sharply from 1.4600 levels yesterday. Please note that the rally that begun from 1.3400 levels looks to be complete at 1.4600 levels using the principle of equality. But according to the channeling technique, maybe another high can be seen around 1.4700 levels as depicted here. Also note that fibonacci 0.618 resistance is also seen there, and hence a bearish bounce remains a high probability. Hence it is recommended to take profit on short positions taken earlier and remain flat for now. Immediate resistance is seen at 1.4600 levels, while support is seen at 1.4300 levels respectively.
Please take profits on short positions taken earlier. Remain flat for now.