Technical outlook and chart setups:
1. The GBP/CHF pair seems to be carving out a head and shoulder reversal as seen here. Prices have turned low from 1.4900 for now. The backside of trendline is also providing resistance around the same level. It is recommended to hold short positions for now. More positions could be planned at 1.4900.
2. Immediate resistance is at 1.5120/30, while support is at 1.4700 (intermediary), followed by 1.4350, 1.4200 and 1.4000 respectively.
3. The entire structure reveals that 1.5120/30 should hold as a resistance now and prices should continue drifting lower towards 1.4400 and 1.4000 from here on.
Trading recommendations:
Hold on to short positions. Sell rallies through 1.4900, stop at 1.5150, target 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 January 30, 2014 . Thanks for your support on Technical analysis of GBP/CHF for January 30, 2014
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