The GBP/CHF pair is trading around 1.3900 levels and is heading lower towards 1.3700 levels before rallying again. Please note that 1.3700 is also the fibonacci 0.618 support of the entire rally between 1.2800 and 1.5100 levels broadly. The pair is expected to reverse from 1.3700 levels and head higher from there on. It is recommended to stay flat for a while and look to initiate long positions at lower levels. Immediate support is seen at 1.3700 levels, while resistance is seen at 1.4200 levels respectively. Bears in control for now.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The GBP/CHF pair is trading around 1.3900 levels and is heading lower towards 1.3700 levels before rallying again. Please note that 1.3700 is also the fibonacci 0.618 support of the entire rally between 1.2800 and 1.5100 levels broadly. The pair is expected to reverse from 1.3700 levels and head higher from there on. It is recommended to stay flat for a while and look to initiate long positions at lower levels. Immediate support is seen at 1.3700 levels, while resistance is seen at 1.4200 levels respectively. Bears in control for now.
Trading recommendations:
Remain flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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