Technical analysis of GBP/CHF for April 05, 2016

Technical outlook and chart setups:

The GBP/CHF pair had stalled at 1.3710/20 levels yesterday before dropping lower. The pair is seen to be trading at 1.3650/60 levels at the moment, and a push above 1.3720 levels would be encouraging for bulls. On the flip side, a drop below 1.3625 levels would confirm that the pair is poised to print lower lows. Please also note that 1.3710/20 levels is also fibonacci 0.382 resistance of the drop between 1.3950 and 1.3550 levels as depicted here. It is recommended to remain flat for now and look for further confirmation before committing trades. Immediate interim resistance is seen at 1.3720 levels while support is at 1.3550 levels respectively.

Trading recommendations:

Remain flat for now.

Good luck!

The material has been provided by InstaForex Company –