GBPCHF Technical Analysis for July 27, 2016.

Source: Forex Analysis

Technical outlook and chart setups:

The GBP/CHF pair continues to
drift sideways in a triangle structure with decreasing resistance and constant
support. The support region seems to be at 1.2875/80 levels, while resistance has
been dropping since 1.3200 levels. The pair is seen to be trading
at 1.3020 levels at the moment and should be looking to break higher above the resistance line as depicted on the chart view here. The wave structure still
indicates that the pair is expected to push higher through 1.3250 levels, which
is major resistance on higher timeframes (4H, not seen here). Please also note
that wave 4 seems to have been terminated around 1.2866 levels yesterday, and
the pair has bounced back sharply higher. Bulls should remain poised to stay in
control till prices trade above 1.2855 levels going forward. It is hence
recommended to remain long with a risk below 1.2850 levels. Immediate
resistance is seen at 1.3200 levels, while support is at 1.2875 levels
respectively.

Trading recommendations:

Remain long for now, stop at
1.2850, and target 1.3250.

Good luck!

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