GbpChf intraday rallies should be preferably sold. 1.4530 remains resistance
April 5, 2013 12:45 pm
Technical outlook and chart setups:
There is no change in the overall structure depicted here on the 4H chart. The single currency pair has held resistance at 1.4530 level and is probably heading towards 1.42 level immediately. Support is now just below 1.42, followed by 1.4030 and lower. It is recommended to remain short-from positions and also consider selling intraday rallies, like the one produced yesterday. The overall swing structure should end around 1.38 level before a considerable pullback could take place. Looking into the daily chart view, we have probably entered into the last wave down at 1.4480 level. For this count to be true, 1.4530 level should remain intact from here on.
Trading recommendations:
Remain short, sell intraday rallies, stop is at 1.4530, and target is below 1.4.
Good Luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
There is no change in the overall structure depicted here on the 4H chart. The single currency pair has held resistance at 1.4530 level and is probably heading towards 1.42 level immediately. Support is now just below 1.42, followed by 1.4030 and lower. It is recommended to remain short-from positions and also consider selling intraday rallies, like the one produced yesterday. The overall swing structure should end around 1.38 level before a considerable pullback could take place. Looking into the daily chart view, we have probably entered into the last wave down at 1.4480 level. For this count to be true, 1.4530 level should remain intact from here on.
Trading recommendations:
Remain short, sell intraday rallies, stop is at 1.4530, and target is below 1.4.
Good Luck!
The material has been provided by InstaForex Company – www.instaforex.com
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