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    Technical analysis of GBP/CHF for June 08, 2016 2016-06-08

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    Technical outlook and chart setups:

    The GBP/CHF pair has finally slipped lower and is seen to be trading at 1.4040 levels at this moment. Please note that the drop from 1.4600/25 levels has unfolded into 5 waves as depicted on the 4H chart view. The most probable move should be 3 waves corrective rally towards 1.4350/60 levels at least. Also note that the past support turned resistance trend line is also seen to be passing around 1.4350 levels and the pair should expect a bearish reaction there. It is hence recommended to remain flat for now and await for a counter trend rally towards 1.4350/60 levels to initiate short positions again. Immediate support is seen at 13950 levels, while resistance is at 1.4300 levels respectively. Expect short-term rally now, before turning lower again.

    Trading recommendations:

    Remain flat for now. Look to short around 1.4360 levels.

    Good luck!

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