Technical outlook and chart setups:
1. The GBP/CHF pair is seen to be bouncing off the fibonacci 0.382 support levels around 1.5260 levels. A major resistance or top might have formed around 1.5350/60 but a confirmation is still required to conclude a reversal. The immediate support level of 1.5150/60 should be taken off.
2. Support is at 1.5150/60, followed by 1.4950, 1.4780 and lower while resistance is at 1.5350/60 respectively.
3. The structure indicates that GBP/CHF shall remain buy on dips till prices remain above 1.5150/60 levels.
Trading recommendations:
Remain flat for now. Look to buy lower on a bounce ahead of 1.5150/60.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of GBP/CHF for July 09, 2014 . Thanks for your support on Technical analysis of GBP/CHF for July 09, 2014
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