GBP/CHF breaks trendline support. Book profits and sell rallies again around 1.4775/1.48
December 6, 2013 7:30 am
Technical outlook and chart setups:
The same 4H chart view has been presented here for continuation in setups. As discussed yesterday and expected, the pair has broken the trend line support and prices around 1.4640/30 levels. It is recommended to book profits on short positions taken earlier and prepare to sell rallies again. Immediate support from here is 1.4550, followed by 1.4500 and 1.44; while resistance is between 1.4775/1.4800 ( this region is also the back side of the support line which is now resistance and the 0.618 fibonacci resistance), followed by 1.4875 and 1.4920 respectively. Looking to sell rallies again at the confluence of trendline, fibonacci and trade signal appearance.
Trading recommendations:
Book profits on short positions taken earlier, sell again on rallies.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The same 4H chart view has been presented here for continuation in setups. As discussed yesterday and expected, the pair has broken the trend line support and prices around 1.4640/30 levels. It is recommended to book profits on short positions taken earlier and prepare to sell rallies again. Immediate support from here is 1.4550, followed by 1.4500 and 1.44; while resistance is between 1.4775/1.4800 ( this region is also the back side of the support line which is now resistance and the 0.618 fibonacci resistance), followed by 1.4875 and 1.4920 respectively. Looking to sell rallies again at the confluence of trendline, fibonacci and trade signal appearance.
Trading recommendations:
Book profits on short positions taken earlier, sell again on rallies.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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