Technical outlook and chart setups:
1. In the daily chart, it is depicted that as expected the GBP/CHF pair has reversed from 1.4700/50. Please note that price 1.4720/30 is also the fibonacci 0.618 retracement of the downswing from 1.4950 to 1.4400 respectively.
2. It is recommended to remain short from the 1.4700/50 levels, and risk remains at 1.4950. Support prices are spread through 1.4350, followed by 1.4200 and 1.4; while resistance is fixed at 1.4900/50 respectively.
3. The structure reveals that GBP/CHF is in for a longer term reversal towards 1.4 at least and further lows.
Trading recommendations:
Remain short, set stop at 1.4950, target is at 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 Technical analysis of GBP/CHF for December 24, 2013 . Thanks for your support on Technical analysis of GBP/CHF for December 24, 2013
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