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Market Analysis

Home » Featured » GBPCHF Technical Analysis for December 17, 2015

GBPCHF Technical Analysis for December 17, 2015

Posted by FXTimes in Featured - December 17th, 2015 7:40 am GMT

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Chart setups:
The daily chart setups here shows that the GBPCHF is testing and bouncing off the trend line support which extends through 1.3800 levels. The pair seems to be producing an engulfing bullish candlestick pattern right now and prices should be heading north from here. Also note that the drop yesterday has found support at fibonacci 0.786 levels around 1.4754 levels. Bulls are expected to remain in control till prices stay above yesterdays’ lows going forward. Immediate interim support is at 1.4750 levels, followed by 1.4530, while resistance is seen at 1.5050 levels and higher respectively. If the above wave structure holds good, the GBPCHF is expected to rally towards 1.5900 levels in the coming weeks. Moreover, the RSI is turning north as well, which should complement price action.
Trading recommendations:
Remain long, stop at 1.4700, target is open.
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