20.05.201609:48 Forex Analysis & Reviews: Technical analysis of GBP/CHF for May 20, 2016

Long-term review

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Technical outlook and chart setups:

The GBP/CHF has pushed higher against expectations taking stops earlier. The pair is seen to be trading at 1.4440 levels for now, still looking good to push through 1.4450 and subsequently 1.4709 levels. The wave structure indicates that the pair is now heading to complete its counter trend rally towards 1.4700/50 levels, which is also Fibonacci 0.618 resistance as depicted here. Hence, it is recommended to look to go long again on dips from here. Bulls may remain in control till the price stays above 1.4000 levels. Immediate resistance is seen at 1.4700 levels, while support is at 1.4000 levels.

Trading recommendations:

Remain flat for now and look to go long on dips above 1.4000 levels.

Good luck!

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