Technical outlook and chart setups:
A Daily chart view has been presented here for further swing clarification. Please note the following:
1. The trend has been lower since 1.5400 level as seen here. Resistances are lined up from 1.49, 1.51, 1.53, through 1.54 respectively.
2. The inner trend line has been broken temporarily and prices have tested an intermediary resistance yesterday around 1.4350 level. This is not sufficient proof for a reversal on the higher side.
3. As shown here, the immediate major resistance is just above the 1.4500 levels. And till the time prices are below that, selling rallies should be the trade strategy from current levels. (1.43)
4. Intermediary support is at 1.4030 level, followed by 1.4000 respectively.
5. Keeping the above facts in preview, it is recommended to remain short, and add to intraday rallies through 1.44 level if possible.
Trading recommendations:
Hold on to short positions, add further on rallies, stop is above 1.4550, and targets are at 1.38, 1.37.
Good Luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via GbpChf near resistance (1.4411). Hold on to short positions . Thanks for your support on GbpChf near resistance (1.4411). Hold on to short positions
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