Technical outlook and chart setups:
The GBP/CHF pair is seen to be trading at the 1.5260 levels now, looking to take out the 1.5350 resistance before producing a meaningful retracement lower. Please watch out for a bearish reversal around those levels to initiate fresh short positions. The entire rally that has begun from the 1.4550 levels earlier, seems to be coming to a halt at current levels or at 1.5350. Furthermore, a bearish engulfing signal has been produced on the H4 chart depicted here. It is hence recommended to initiate 50% short positions now and remaining 50% at the 1.5350 levels if prices reach there with risk at 1.5450. Immediate resistance is seen at the 1.5350 levels, while support is seen at 1.5150.
Trading recommendations:
Remain short 50% at current levels and remain at 1.5350, stop is at 1.5450.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of GBP/CHF for November 04, 2015 . Thanks for your support.
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