Technical analysis and chart setups:
The GBP/CHF has moved according
to expectations by opening gap up today. The pair is seen to be trading at
1.3990 level at this moment, looking to pause here. Please note that the pair
is facing resistance of fibonacci 0.382 ratios of the entire drop between
1.4600 and 1.3500 levels, at current levels. The wave structure also reveals that
the pair might have completed its pullback/retracement at 1.3990 level and
should be looking to reverse lower from here. On the flip side, a push above
1.4000 levels would open doors for a test of 1.4200 levels before reversing
lower. It is hence recommended to please book profits on short positions taken
earlier and remain flat for now. Immediate resistance is seen at 1.4200 levels,
while support is at 1.3600 levels (interim).
Trading recommendations:
Please take profits on short
positions and remain flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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