Technical outlook and chart setups:
As depicted in the Daily Chart, the currency pair has rapidly exceeded the measured Fibonacci extension levels. It is shy of an intermediary support at the 1.4360/65 levels, and lower support levels are towards 1.43 and just below 1.42. As seen here, the resistance levels (Fibonacci) begin from 1.4610 and extend to 1.4750/1.4850 on the higher side, within the recent down leg which begun from the 1.5 level. It is absolutely clear that as long as the prices stay below 1.5 mark, the trend is down. For the moment, a countertrend pullback rally may materialize. A conservative trading approach would be to sell on rallies.
Trading recommendations:
1. Conservative: sell on rallies towards 1.46/1.4750
2. Aggressive: buy at current levels, stop at 1.4300, target 1.46 +
Good Luck!
The material has been provided by Instaforex Company - http://www.instaforex.com/
For detail explanation and best discovery on market trends you may visit via GBP/CHF extends fall towards 1.4370 (intermediary support); a countertrend rally may materialize . Thanks for your support on GBP/CHF extends fall towards 1.4370 (intermediary support); a countertrend rally may materialize
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