Technical outlook and chart setups:
The GBPCHF is stalling at
1.2750/60 levels at this moment, after having reversed lower from 1.2840 levels
yesterday. Please note that the pair is still testing the resistance trend line
and a push higher from here could open doors for 1.2880 and higher levels. The
wave structure reveals that the rally from 1.2450 levels is corrective till now
but a push above 1.2840 levels could complete an impulse, indicating a
meaningful bottom formation at 1.2450 levels. If this wave count holds true,
the next move should be higher from here, till prices stay above 1.2650 levels.
It is hence recommended to exit short now and turn long with risk below 1.2650
levels.. The pair should remain in
control of bulls till prices stay above 1.2650 levels going forward. Immediate
resistance is seen at 1.2850 levels, while support is at 1.2450 levels
Exit short positions. Long now,
stop below 1.2650 levels, target 1.2880 and higher.
The material has been provided by InstaForex Company – www.instaforex.com