Technical Analysis of GBP/CHF for March 24, 2016
Technical outlook and chart setups:
The GBP/CHF pair is seen to be trading at 1.3750/55 levels for now, after having tested previous lows at 1.3725 levels. The pair needs to break above 1.3850 levels at least to confirm that a meaningful low is in place. On the flip side, a break below 1.3725 and subsequently below 1.3700 levels would bring bears back in control and push the pair lower towards 1.3500 at least. At the moment, the probability of a push higher seems more likely, till 1.3725 levels hold. It is recommended to remain flat for further clarification of the direction but aggressive traders would want to go long against 1.3700 levels. Immediate support is seen at 1.3725 levels, while resistance is at 1.3850 levels respectively.
Trading recommendations:
Remain flat for now OR an aggressive setup would be to remain long with stop at 1.3700 levels.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
