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24.08.201606:25 Forex Analysis & Reviews: GBPCHF Technical Analysis for August 24, 2016.

Long-term review

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Technical outlook and chart setups:

The GBPCHF pair is seen to be trading at 1.2700 levels at this moment, looking to continue dropping lower from here. The wave structure is indicating that the pair is looking to complete wave 3, within the 5 wave's drop that resumed from 1.3200 levels earlier. A print below 1.2400 levels would be required to confirm intermediary bottom formation. Please also note that the rally from 1.2450 through 1.2700 levels is 3 waves which is corrective in nature. If this wave count holds true, the next move should be lower from here. It is hence recommended to remain short from here, with risk above 1.2900 levels. The pair should remain in control of bears till prices stay below 1.2900 levels going forward. Immediate resistance is seen at 1.2850 levels, while support is at 1.2450 levels respectively.

Trading recommendations:

Remain short now, stop above 1.2900, target is below 1.2400 levels.

Good luck!

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