1. The GBP/CHF pair has rallied back to test the support turned resistance line as expected. A turn lower is expected from 1.4650/70 levels now. It is recommended to initiate short positions and also look to add further at current level. Risk remains above 1.4700 at least.
2. Immediate resistance is at 1.4850, followed by 1.4950/60 and 1.5120, while support is spread through 1.4350, followed by 1.4200 and lower respectively.
3. The structure reveals that GBP/CHF should be headed south towards 1.4350 levels before a meaningful pullback occurs. Selling rallies should be preferred trade strategy.
Trading recommendations:
Remain short for now, stop is at 1.4710, target is 1.4350.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
1. The GBP/CHF pair has rallied back to test the support turned resistance line as expected. A turn lower is expected from 1.4650/70 levels now. It is recommended to initiate short positions and also look to add further at current level. Risk remains above 1.4700 at least.
2. Immediate resistance is at 1.4850, followed by 1.4950/60 and 1.5120, while support is spread through 1.4350, followed by 1.4200 and lower respectively.
3. The structure reveals that GBP/CHF should be headed south towards 1.4350 levels before a meaningful pullback occurs. Selling rallies should be preferred trade strategy.
Trading recommendations:
Remain short for now, stop is at 1.4710, target is 1.4350.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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