Technical analysis of GBP/CHF for October 28, 2015
October 29, 2015 8:10 am
Technical outlook and chart setups:
The GBP/CHF pair hit another high around 1.5180 yesterday before pulling back. Structurally, the pair has almost completed the first leg of its rally that had begun from mid 1.4500’s earlier by clearly surpassing major resistance at 1.5120. The pair is now expected to produce a meaningful correction towards 1.4700/1.4800 from here. It is hence recommended to initiate 50% short positions now with risk above the level of 1.5230 as an aggressive trade strategy. Immediate support is seen at 1.5000, while resistance is seen at 1.5350 followed by 1.5400/10.
Trading recommendations:
Remain short with risk above the level of 1.5230.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The GBP/CHF pair hit another high around 1.5180 yesterday before pulling back. Structurally, the pair has almost completed the first leg of its rally that had begun from mid 1.4500’s earlier by clearly surpassing major resistance at 1.5120. The pair is now expected to produce a meaningful correction towards 1.4700/1.4800 from here. It is hence recommended to initiate 50% short positions now with risk above the level of 1.5230 as an aggressive trade strategy. Immediate support is seen at 1.5000, while resistance is seen at 1.5350 followed by 1.5400/10.
Trading recommendations:
Remain short with risk above the level of 1.5230.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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