Technical Analysis of GBP/CHF for March 03, 2016
Technical outlook and chart setups:
The GBP/CHF pair is seen to be inching higher above trend line resistance, trading at 1.4050 levels now. The pair is soon approaching fibonacci 0.618 resistance of the drop between 1.4320 and 1.3726 levels respectively. Also the counter trend rally that had begun from 1.3726 seems to have hit initial target at 1.4042 levels (depicted here in Red color). The pair has broken above trend line resistance but it needs to clear 1.4315/20 levels to confirm a bullish reversal. Hence it is recommended to remain short with risk above 1.4320 levels for now. Immediate resistance is seen at 1.4300 levels, while support is seen at 1.3730 levels respectively.
Trading recommendations:
Remain short with stop above 1.4320 levels. A target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
