Technical outlook and chart setups:
The single currency pair has pulled back towards the back side of the trendline which is resistance now, as seen on chart view here. The 1.4220/50 region is resistance which is confluence of Fibonacci ratios and support turned resistance trendline. It is recommended to initiate fresh short positions now (1.4180/90) with a downside projection towards 1.4030 at least. Immediate resistance is now at 1.4350 region, followed by 1.4400, and 1.4480 respectively, while supports are spread through 1.4030 and below 1.4 level. Please also note the sloping resistance line depicted on chart here, the prices should follow this immediate trendline to guide itself lower from here on. Only a clear break of this trendline and 1.4350/60 levels should be a cause for worry for the bulls.
Trading recommendations:
Initiate fresh short positions, stop is at 1.4350/60, and target is below 1.4.
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 retraces hitting backside of trendline. Resistance between 1.4220/50 . Thanks for your support on GbpChf retraces hitting backside of trendline. Resistance between 1.4220/50
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