Technical outlook and chart setups:
1. GBP/CHF remains unchanged from what was discussed yesterday. As seen here, the backtest of the support turned resistance trend line which seems to be complete in the 1.4950 region. It is recommended to hold on short positions with risk above 1.5020.
2. Resistance is at 1.5020, while support is spread through 1.4700/50 (intermediary), followed by 1.4550 and 1.4350 respectively.
3. The entire structure reveals that the downfall should resume any moment and extend towards at least the 1.45 region. A break of 1.4750 would be encouraging for bears.
Trading recommendations:
Remain short, stop is above 1.5020, target is 1.45.
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 January 21, 2014 . Thanks for your support on Technical analysis of GBP/CHF for January 21, 2014
No comments:
Post a Comment