For Traders

Analytical Reviews

Technical analysis

26.08.201608:04 Forex Analysis & Reviews: GBPCHF Technical Analysis for August 26, 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 GBPCHF is stalling at 1.2750/60 levels at this moment, after having reversed lower from 1.2840 levels yesterday. Please note that the pair is still testing the resistance trend line and a push higher from here could open doors for 1.2880 and higher levels. The wave structure reveals that the rally from 1.2450 levels is corrective till now but a push above 1.2840 levels could complete an impulse, indicating a meaningful bottom formation at 1.2450 levels. If this wave count holds true, the next move should be higher from here, till prices stay above 1.2650 levels. It is hence recommended to exit short now and turn long with risk below 1.2650 levels.. The pair should remain in control of bulls till prices stay above 1.2650 levels going forward. Immediate resistance is seen at 1.2850 levels, while support is at 1.2450 levels respectively.

Trading recommendations:

Exit short positions. Long now, stop below 1.2650 levels, target 1.2880 and higher.

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.