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Technical analysis of GBP/CHF for November 11, 2015




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Technical outlook and chart setups:

The GBP/CHF pair rallied through the resistance levels around 1.5220/30, and even exceeded by a few pips before pulling back. As we can see on the H4 chart, the pair has also hit the Fibonacci resistance at 0.618 and produced a pin bar candle indicating a potential reversal. If the level of 1.5350 manages to hold the next leg could be on the lower side. It is hence recommended to go short now, with risk above 1.5350 levels. Immediate support is seen at the 1.4950, followed by 1.4700 and lower, while resistance is seen at 1.5350 (interim), followed by 1.5400.

Trading recommendations:

Stay short now, stop is at 1.5380, a target is 1.4820.

Good luck!

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