Technical analysis of GBP/CHF for October 10, 2014
October 10, 2014 8:00 am
Technical outlook and chart setups:
The GBP/CHF pair pulled off from lows at 1.5340/50 levels yesterday and is seen to be trading at 1.5374 at the moment. It is quite possible that the retracement could be over from 1.5550 levels, since the pair has met with support at the fibonacci 0.382 levels of the rally between 1.5100 and 1.5550. It is recommended to exit short positions for now and initiate longs, risk remains at 1.4300 levels though. The next upside target expected in the pair would be around 1.5800 levels at least. Immediate support is seen at 1.5300 levels, followed by 1.5200, 1.5100 and lower while resistance is seen at 1.5450 and 1.5550 respectively.
Trading recommendations:
Exit short positions. Enter longs now, stop at 1.5300, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The GBP/CHF pair pulled off from lows at 1.5340/50 levels yesterday and is seen to be trading at 1.5374 at the moment. It is quite possible that the retracement could be over from 1.5550 levels, since the pair has met with support at the fibonacci 0.382 levels of the rally between 1.5100 and 1.5550. It is recommended to exit short positions for now and initiate longs, risk remains at 1.4300 levels though. The next upside target expected in the pair would be around 1.5800 levels at least. Immediate support is seen at 1.5300 levels, followed by 1.5200, 1.5100 and lower while resistance is seen at 1.5450 and 1.5550 respectively.
Trading recommendations:
Exit short positions. Enter longs now, stop at 1.5300, target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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