Technical analysis of GBP/CHF for February 04, 2014
February 4, 2014 6:10 am
Technical outlook and chart setups:
1. The GBP/CHF has finally reversed sharply after testing back side of the support turned resistance line as seen here. It is still recommended to remain short, with risk at 1.5120/30.
2. Immediate resistance is at 1.4930, followed by 1.5120/30, while supports are spread through 1.4550/60, 1.4370/80, 1.4200 and 1.4000 respectively.
3. The structure reveals that a lower top is in place at 1.4930 below 1.5120/30 resistance. Prices are now poised to follow through lower towards 1.4450 and 1.4000 in the weeks to come. Selling rallies should remain the general trading strategy from here on.
Trading recommendations:
Continue holding short positions, stop at 1.5130 (shall be revised soon), target 1.44 and 1.4.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. The GBP/CHF has finally reversed sharply after testing back side of the support turned resistance line as seen here. It is still recommended to remain short, with risk at 1.5120/30.
2. Immediate resistance is at 1.4930, followed by 1.5120/30, while supports are spread through 1.4550/60, 1.4370/80, 1.4200 and 1.4000 respectively.
3. The structure reveals that a lower top is in place at 1.4930 below 1.5120/30 resistance. Prices are now poised to follow through lower towards 1.4450 and 1.4000 in the weeks to come. Selling rallies should remain the general trading strategy from here on.
Trading recommendations:
Continue holding short positions, stop at 1.5130 (shall be revised soon), target 1.44 and 1.4.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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