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Home » Featured » GBPCHF Technical Analysis for December 15, 2015

GBPCHF Technical Analysis for December 15, 2015

Posted by FXTimes in Featured - December 15th, 2015 6:27 am GMT

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Chart setups:
The Daily chart view presented here is clearly showing prices bouncing off an intermediary support trend line passing through the 1.3800 levels. The candlestick pattern formed looks like a pin bar, indicating a potential rally that could follow. Also note that fibonacci 0.618 support still holds since the pair is trading around 1.4900/10 levels. Furthermore the drop from 1.5570 levels is corrective, in 3 waves, which seems to be complete at 1.4817 levels yesterday. Looking into all these, the highest probable count from here could be a 5 wave rally towards 1.5900 levels. Immediate support is seen at 1.4750 levels, while resistance is seen through the 1.5300 levels. The RSI has been holding 30 levels since quite a few trading sessions, which is encouraging to the bulls. [Tip: Find out the largest forex directory on web]
Trading recommendations:
Long since 1.4930 levels, stop at 1.4750, target is open.
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