For Traders

Analytical Reviews

Technical analysis

02.06.201608:55 Forex Analysis & Reviews: Technical analysis of GBP/CHF for June 02, 2016

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical outlook and chart setups:

The GBP/CHF pair is seen to be trading at 1.4250/55 levels after bouncing off 1.4175 lows during early hours today. The pair seems to have formed an interim support at 1.4175 levels but should be looking to drop lower from the current levels or from 1.4300 levels. Please note that 1.4300 levels is also fibonacci 0.382 resistance as depicted here. Also note that past resistance (wave 4 of one lesser degree) was also at 1.4268 levels, hence a bearish reversal from here is a high probability. The recommendation is to remain flat for now and look to sell higher on rallies. Immediate resistance is seen at 1.4300 levels while support is at 1.4175 levels respectively.

Trading recommendations:

Remain flat for now.

Good luck!

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.