empty
 
 
29.06.2016 09:58 AM
GBP/CHF Technical Analysis for June 29, 2016.

This image is no longer relevant

Technical outlook and chart setups:

The GBP/CHF pair has pulled back from last week's lows and is seen to be trading at 1.3114 levels at this moment. The pair should be heading higher at least towards 1.3460 level before reversing lower again. Please note that 1.3450/60 levels is also the fibonacci 0.382 resistance, of the drop between 1.4500 through 1.2850 levels recently and a bearish reaction can be expected. According to the wave structure as well, the pair is expected to print yet another low (after reversing from 1.3460 levels) and complete 5 waves. It is hence recommended to remain long for a short term through 1.3460 level with risk at 1.2800 at least. Immediate resistance is seen at 1.3300 level on smaller time frames, while support is at 1.2850 level respectively.

Trading recommendations:

Remain long now; stop at 1.2800, targeting 1.3460.

Good luck!

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback