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08.04.201603:05 Forex Analysis & Reviews: Technical analysis of GBP/CHF for April 08, 2016

Long-term review

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Technical outlook and chart setups:

The GBP/CHF pair has dropped quite a bit lower into 1.3400 levels as depicted here, looking to produce a pullback/retracement towards 1.3740/50 levels at least. Please note that a break above 1.3950 levels and subsequently the trend line resistance would be required to confirm that the pair has formed a meaningful bottom around 1.3400 levels. It is recommended to initiate long positions now with a risk below 1.3400 levels for now. Immediate support is seen at 1.3400 levels while resistance is at 1.3700 levels respectively. Short-term indicators are pointing towards a potential pullback rally through 1.3740/50 levels.

Trading recommendations:

Remain long for now, stop below 1.3400, target 1.3750.

Good luck!

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