GBP/CHF trades between support (1.4250) and resistance (1.45)
July 12, 2013 11:27 am
Technical outlook and chart setups:
The currency pair continues to provide range trading opportunities. It is recommended to enter buying at support of 1.4250/1.4300 and selling at 1.4500. As discussed earlier, this could well be the wave 4 flat/consolidation move before pushing lower. Overall structure being bearish with immediate resistance at 1.4800 levels, we favor selling rallies through 1.45/1.46. Major resistance is fixed at 1.5 levels and only a break above would actually shift trend. Support is spread through 1.4075, followed by 1.4 levels respectively. The current downside extensions are pointing towards 1.4 and lower.
Trade recommendations:
Flat for now. Range trading suggested.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The currency pair continues to provide range trading opportunities. It is recommended to enter buying at support of 1.4250/1.4300 and selling at 1.4500. As discussed earlier, this could well be the wave 4 flat/consolidation move before pushing lower. Overall structure being bearish with immediate resistance at 1.4800 levels, we favor selling rallies through 1.45/1.46. Major resistance is fixed at 1.5 levels and only a break above would actually shift trend. Support is spread through 1.4075, followed by 1.4 levels respectively. The current downside extensions are pointing towards 1.4 and lower.
Trade recommendations:
Flat for now. Range trading suggested.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: