1. The GBP/CHF pair has broken the rising trend line support on a daily chart as seen here. This shall prove to be further bearish and lower levels of 1.44 and 1.43 are expected. Please note that the back side of this trend line is now resistance, around 1.4650/1.4700 region. It is recommended to remain short and also look to sell rallies through the resistance area.
2. Immediate resistance shall be at trend line test at around 1.4700, followed by 1.4850/1.4950 (intermediary) and 1.5120/30, while supports are spread through 1.4350, 1.42 and lower respectively.
3. The structure reveals that a backside test of the broken trend line is possible now and that would be considered as an opportunity to sell. The region is around 1.4700 at the moment.
Trading recommendations:
Remain short, set stop above 1.4700, target is at 1.42 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 pair has broken the rising trend line support on a daily chart as seen here. This shall prove to be further bearish and lower levels of 1.44 and 1.43 are expected. Please note that the back side of this trend line is now resistance, around 1.4650/1.4700 region. It is recommended to remain short and also look to sell rallies through the resistance area.
2. Immediate resistance shall be at trend line test at around 1.4700, followed by 1.4850/1.4950 (intermediary) and 1.5120/30, while supports are spread through 1.4350, 1.42 and lower respectively.
3. The structure reveals that a backside test of the broken trend line is possible now and that would be considered as an opportunity to sell. The region is around 1.4700 at the moment.
Trading recommendations:
Remain short, set stop above 1.4700, target is at 1.42 and 1.4.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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