Technical analysis of GBP/CHF for May 29, 2015

Technical outlook and chart setups:

The GBP/CHF pair is s trading at the elevel of 1.4450 now after having bounced off the lows around 1.4400. Please note that the pair bounced off the backside of resistance, which turned support trendline, passing through the levels of 1.4420/30. It is hence recommended to book profits on short positions taken earlier and initiate 50% long positions with risk around 1.4400. Immediate support is seen at the level of 1.4350 followed by 1.4150, 1.4000, and lower. Resistance is seen at 1.4650 (interim) followed by 1.4700/10 and higher respectively.

Trading recommendations:

Book profits on short positions. Initiate 50% long positions now, stop is at 1.4400, a target is open.

Good luck!

The material has been provided by InstaForex Company –