FX.co ★ Technical analysis of GBP/CHF for May 04, 2016

As per my previous analysis, GBP/CHF moved lower and currently, it is trading near the S2 (1.3820) support level. The closest downside target could be at S3 (1.3680) where pair previously found the support.

This impulsive wave down is likely to continue, and bears should be dominating at least before one of the downside targets reached. Consider either holding your short position or selling, if price breaks below S2 (1.3820), targeting either S3 (1.3680), S4 (1.3535) or S5 (1.3360) as a final target . The stop loss should be just above the 1.3900 psychological resistance.

Support: 1.3820, 1.3680, 1.3535, 1.3360

Resistance: 1.3900, 1.4000