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Market Analysis

Home » Featured » GBPCHF Technical Analysis for December 14, 2015

GBPCHF Technical Analysis for December 14, 2015

Posted by FXTimes in Featured - December 14th, 2015 7:59 am GMT

Chart setups:
The daily chart indicates that GBPCHF pair should be looking to rally from current levels (1.4960/70), towards possibly 1.5900 levels. The pair has retraced lower in a corrective manner as expected, from the highs at 1.5570 levels earlier and is stalling around the fibonacci 0.618 support of the rally between 1.4500 through 1.5570 levels respectively, at 1.4930 levels now. Also note that the trend line support since 1.3800 levels is also falling near 1.4860 levels. A bullish reversal here, could very well push prices towards 1.5900-1.6000 levels in the weeks to come. Immediate support could be seen around 1.4700 levels while resistance is seen around 1.5320 levels respectively. With RSI holding 30 levels for now, bulls taking back control soon should not come as a surprise.
Trading recommendations:
Long now, stop at 1.4800, Take profit is open.
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