Technical outlook and chart setups:
1. The currency pair GBP/CHF seems to be again testing the level of 1.4720/1.4740 before continuing its downward move. It is recommended to remain short for now, the risk remains at 1.4950. Also note that a push higher from 1.4720, the fibonacci 0.618 resistance, will see 1.4800 levels soon.
2. Immediate resistance is at 1.4720/30, followed by 1.4800 and 1.4950, while intermediary support begins from 1.4350, followed by 1.4200 and 1.4000 respectively.
3. The entire structure remains bearish on higher time frames (Daily and Weekly), where major resistance has been at 1.4900. Prices have reversed from 1.4900 and a push below 1.4350 should indeed bring it down to 1.4000 levels.
Trading recommendations:
Remain short for now, 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 30, 2013 . Thanks for your support on Technical analysis of GBP/CHF for December 30, 2013
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