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Technical analysis of GBP/CHF for June 15, 2016

Technical outlook and chart setups:

The GBP/CHF pair has dropped lower yet again today at 1.3530 levels before pulling back higher. The pair is seen to be trading at 1.3670 levels at the moment, testing its line of resistance as depicted here. The wave structure indicates that a bottom might have formed today and the pair should be looking to push higher from the current levels. A break above the resistance trend line would be required to confirm the same. Bulls are expected to regain control, till prices stay above 1.3500 levels going forward. Immediate resistance is seen at 1.3820 levels, while support is at 1.3530 levels (intermediary) respectively. The oscillators are also indicating bullish divergence (not shown here), indicating a potential reversal.

Trading recommendations:

Remain long from here; stop is at 1.3500, target is open.

Good luck!

The material has been provided by InstaForex Company -