The GBP/CHF pair has pulled back from last week’s lows and is seen to be trading at 1.3114 levels at this moment. The pair should be heading higher at least towards 1.3460 level before reversing lower again. Please note that 1.3450/60 levels is also the fibonacci 0.382 resistance, of the drop between 1.4500 through 1.2850 levels recently and a bearish reaction can be expected. According to the wave structure as well, the pair is expected to print yet another low (after reversing from 1.3460 levels) and complete 5 waves. It is hence recommended to remain long for a short term through 1.3460 level with risk at 1.2800 at least. Immediate resistance is seen at 1.3300 level on smaller time frames, while support is at 1.2850 level respectively.
Trading recommendations:
Remain long now; stop at 1.2800, targeting 1.3460.
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 pulled back
from last week’s lows and is seen to be trading at 1.3114 levels at this
moment. The pair should be heading higher at least towards 1.3460 level before
reversing lower again. Please note that 1.3450/60 levels is also the fibonacci
0.382 resistance, of the drop between 1.4500 through 1.2850 levels recently and
a bearish reaction can be expected. According to the wave structure as well,
the pair is expected to print yet another low (after reversing from 1.3460
levels) and complete 5 waves. It is
hence recommended to remain long for a short term through 1.3460 level with
risk at 1.2800 at least. Immediate resistance is seen at 1.3300 level on
smaller time frames, while support is at 1.2850 level respectively.
Trading recommendations:
Remain long now; stop at 1.2800,
targeting 1.3460.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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