Technical Analysis of GBP/CHF for March 29, 2016
Technical outlook and chart setups:
The GBP/CHF pair inched higher, printing highs at 1.3900/10 levels yesterday. The pair has dropped since then and is trading at 1.3860 levels for now, drifting sideways. Please note that the pair is seen to be stalling at i) the past support turned resistance zone and ii) the fibonacci 50% resistance of the drop between 1.4050 through 1.3720 levels respectively. It is recommended to remain flat for now and wait for further confirmation before taking short positions. Immediate support is seen at 1.3830 levels, while resistance is at 1.4050 levels respectively. Only a push above 1.4050 levels would change the scenario and turn into a bullish outlook.
Trading recommendations:
Remain flat for now. Looking to go short at higher levels.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
