GBP/CHF re-testing Resistance line 1.44/45 remaining key
August 13, 2013 6:15 am
Technical outlook and chart setups:
The currency pair is giving a hit at the backside of the trend line again, which is resistance now. As it is depicted here, immediate resistance is at 1.44/45 area. A push through that level would give a tough time to bears. Higher up resistance is a 1.48 and 1.5 mark; while support is 1.40. The swing structure indicates downside extension below 1.4. It is recommended to remain short with stop above 1.44 for now. Major technical resistance is at 1.5 though. The backside test normally produces powerful trade signals towards a trend; another day or two should clear up the situation.
Trading recommendations:
Remain short, set stop above 1.44, target is below 1.4.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The currency pair is giving a hit at the backside of the trend line again, which is resistance now. As it is depicted here, immediate resistance is at 1.44/45 area. A push through that level would give a tough time to bears. Higher up resistance is a 1.48 and 1.5 mark; while support is 1.40. The swing structure indicates downside extension below 1.4. It is recommended to remain short with stop above 1.44 for now. Major technical resistance is at 1.5 though. The backside test normally produces powerful trade signals towards a trend; another day or two should clear up the situation.
Trading recommendations:
Remain short, set stop above 1.44, target is below 1.4.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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