Technical outlook and chart setups:
The single currency pair has rallied through the 0.618 resistance level around 1.4650. Prices have been stalling since then indicating that a last spike higher is possible. The measured level for a top and reversal is between 1.4600-1.4700 in the next few trading sessions. Hence it is recommended to remain short for now and also sell on a rally towards 1.4700; which is past support turned resistance and the sloping line of resistance also converges here. Higher up resistance is at 1.5, followed by 1.51 and higher up; while support is at 1.4075, followed by 1.4030 and lower. Minimum downside expectations are 1.4200.
Trading recommendations:
Remain short, add further around 1.47 level, stop is at 1.4800, and target is open.
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 top formation seen between 1.4600-1.4700 . Thanks for your support on GbpChf top formation seen between 1.4600-1.4700
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