1. The GBP/CHF pair is testing support turned resistance line again for now around 1.4630/50 levels. Till the time prices are below 1.4700, bears should remain in control. It is hence recommended to remain short, risk remains just above 1.4700.
2. Immediate resistance is at 1.4850 (interim), followed by 1.4950/60 and 1.5120/30, while supports are spread through 1.4450, followed by 1.4350 and lower respectively.
3. The structure reveals that till the time prices are below 1.4850/60 levels, look for lower lows and lower highs. 1.4350 support needs to be taken out to confirm a long term reversal though.
Trading recommendations:
Remain short for now, set stop at 1.47, target is at 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 is testing support turned resistance line again for now around 1.4630/50 levels. Till the time prices are below 1.4700, bears should remain in control. It is hence recommended to remain short, risk remains just above 1.4700.
2. Immediate resistance is at 1.4850 (interim), followed by 1.4950/60 and 1.5120/30, while supports are spread through 1.4450, followed by 1.4350 and lower respectively.
3. The structure reveals that till the time prices are below 1.4850/60 levels, look for lower lows and lower highs. 1.4350 support needs to be taken out to confirm a long term reversal though.
Trading recommendations:
Remain short for now, set stop at 1.47, target is at 1.4350.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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