Technical Outlook and Chart Setups:
As depicted here, the single currency pair has hit the resistance zone (1.5050) and pulled back sharply. Immediate support is around 1.4910 and 1.4930 region at the moment. This is also re-enforced by the 0.618 Fibonacci support of recent rally from 1.4820 level to 1.5050. Resistance is placed at 1.5050/60 region followed by the 1.5150/60 mark. It is recommended to stay short at the moment as prices are expected to test 1.4900 level. Only back above 1.5050/60 levels delays the bearish outlook. A break below 1.4900 will accelerate a downside.
Trading Recommendations:
Hold on to short positions. Stop is at 1.5150. Target is open.
Good Luck!
The material has been provided by Instaforex Company - instaforex.com
For detail explanation and best discovery on market trends you may visit via GbpChf Continues Probing Resistance At 1.5050 Level. Bearish View Remains Intact Below 1.5150 Level . Thanks for your support on GbpChf Continues Probing Resistance At 1.5050 Level. Bearish View Remains Intact Below 1.5150 Level
No comments:
Post a Comment