1. The GBP/CHF pair has stopped us out again at 1.4600. At the moment the pair is approaching the support trend line near 1.4550 region. It is recommended to remain flat for now and await for reaction at 1.4550 levels before committing.
2. Immediate support is at 1.4550, followed by 1.4350, 1.4200 and lower, while resistance is spread through 1.4850/1.4900, followed by 1.4950/60 and higher at 1.5120/30 respectively.
3. The structure reveals that a trend line bullish bounce will bring back bulls into action and prices should continue moving higher towards 1.4950/60 and 1.5200. On the flip side, a break of support line would prove further bearish towards 1.44 and 1.42 respectively.
Trading recommendations:
Flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. The GBP/CHF pair has stopped us out again at 1.4600. At the moment the pair is approaching the support trend line near 1.4550 region. It is recommended to remain flat for now and await for reaction at 1.4550 levels before committing.
2. Immediate support is at 1.4550, followed by 1.4350, 1.4200 and lower, while resistance is spread through 1.4850/1.4900, followed by 1.4950/60 and higher at 1.5120/30 respectively.
3. The structure reveals that a trend line bullish bounce will bring back bulls into action and prices should continue moving higher towards 1.4950/60 and 1.5200. On the flip side, a break of support line would prove further bearish towards 1.44 and 1.42 respectively.
Trading recommendations:
Flat for now.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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