Technical outlook and chart setups:
As depicted on a daily chart view here, the single currency pair has hit the first measured downside extension at 1.4600 and lower. The next Fibonacci support is seen around 1.4500 from here. As seen on the chart presented, the daily resistance is at 1.5, while short-term resistance begins at 1.4700/30 and extends up to 1.4850 and 1.4900. Next downside support is seen below 1.4500 now. Keeping this in view, it is recommended to stay short and add on intraday rallies towards 1.4700/50 and 1.4800. Bearish trend continues for now.
Trade recommendations:
Remain short, stop is at 1.4800, target is at 1.4500 and lower. Book small profits at each low formed.
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 GbpChf hits 1.46 and lower. Remain short for next downside extension at 1.45 . Thanks for your support on GbpChf hits 1.46 and lower. Remain short for next downside extension at 1.45
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