The GBP/CHF pair has followed through well after printing fresh lows earlier (1.2720 level). The pair has rallied 5 waves from 1.2720 level now and should probably correct lower in 3 waves from here. The pair is seen to be trading at 1.2945/50 levels at this moment, looking to retrace lower towards 1.2820 levels, which is fibonacci 0.618 support of the entire rally from 1.2720 through 1.2980 levels respectively. It is hence recommended to remain long for now, with risk below 1.2650 levels. Immediate support is seen at 1.2700 levels, while resistance is at 1.3100 levels respectively. Bulls are looking poised to remain in control till prices stay above 1.2700 levels.
Trading recommendations:
Remain long for now, stop at 1.2650, and a target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Technical outlook and chart setups:
The GBP/CHF pair has followed
through well after printing fresh lows earlier (1.2720 level). The pair has
rallied 5 waves from 1.2720 level now and should probably correct lower in 3
waves from here. The pair is seen to be trading at 1.2945/50 levels at this
moment, looking to retrace lower towards 1.2820 levels, which is fibonacci
0.618 support of the entire rally from 1.2720 through 1.2980 levels
respectively. It is hence recommended to remain long for now, with risk below
1.2650 levels. Immediate support is seen at 1.2700 levels, while resistance is
at 1.3100 levels respectively. Bulls are
looking poised to remain in control till prices stay above 1.2700 levels.
Trading recommendations:
Remain long for now, stop at
1.2650, and a target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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