GBP/CHF is trading in the range within a slightly descending channel. The pair started to decline after a clean bounce off the upper channel trendline on
the 6th of September where 1.3100 psychological resistance was rejected.
GBP/CHF broke below 50 and 200 Moving average signaling potential strength of a downtrend. Currently it is testing the resistance at 50%
Fibs (1.2826), where 200 Moving Average is also showing resistance.
With overall weakness of the pair, consider selling GBP/CHF
while the rate is near 1.2826 resistance, targeting either a potential double
bottom near 38.2% Fibs (1.2735) or 23.6% Fibs (1.2623) which also corresponds
with the descending channel breakout level. Stop loss should be placed not
lower than 61.8% Fibs (1.2916).
Support: 1.2735, 1.2623
Resistance: 1.2825, 1.2916
The material has been provided by InstaForex Company – www.instaforex.com
The post Technical analysis of GBP/CHF for September 19, 2016 appeared first on forex-analytics.press.