GBPCHF Technical Analysis for December 09, 2015
Posted by FXTimes in Featured - December 9th, 2015 5:31 am GMT
The daily chart view is presented here for reviewing the larger wave count. As seen here, the GBPCHF has been printing higher highs and higher lows since 1.3800 levels broadly. The recent drop from 1.5570 levels has been in a corrective manner (3 waves), and prices are stalling around the fibonacci 0.618 levels at 1.4900/30 right now.
The pair is expected to resume its rally anytime soon from current levels and projected extensions are pointing towards 1.6500 levels in coming several weeks. Immediate price support is seen at 1.4700 levels, followed by 1.4550 and lower while resistance is seen at 1.5150 levels and higher respectively. Also note that RSI is turning north from about 30 levels, which is favourable to bullish setups.
Long now, stop at 1.4800, target is open with a close eye on forex calendar