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    Technical analysis of GBP/CHF for May 11, 2015

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    Technical outlook and chart setups:

    The GBP/CHF pair has rallied through 1.4400 and hit fibonacci 0.618 resistance as depicted here. The pair could be looking to drop lower at least in a corrective manner from here. It is recommended to exit long positions if taken earlier and initiate 50% short positions with risk around 1.4550. Immediate resistance is seen at the level of 1.4520 followed by 1.4700, 1.4800, and higher while support is seen at 1.4150 followed by 1.3800 and lower respectively. Short-term correction might be possible from the current levels.

    Trading recommendations:

    Exit long positions. Initiate short positions, stop at 1.4550, a target is open.

    Good luck!

    Uitgevoerd door, Analytische expert
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