Technical outlook and chart setups:
The single currency pair is setting up for an extended downswing towards 1.4 and lower as seen on the 4H chart depicted here. Resistance is consolidated at 1.4350/60 levels, followed by 1.4400 and 1.4480 on the higher side; while intermediary support is at 1.4030, followed by 1.4 and lower respectively. The last rally can be seen as a retracement of the downswing from 1.4480 levels, at the moment. Please note that 1.4530 level is still seen as trend defining resistance level and bears would remain in control till the time prices remain below the same. Bottom line: Remain short for now.
Trading recommendations:
Hold on short positions and sell rallies (intraday), 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 setting up to resume downswing below 1.4. Remain short . Thanks for your support on GbpChf setting up to resume downswing below 1.4. Remain short
No comments:
Post a Comment