Technical outlook and chart setups:
1. The GBP/CHF rallied yesterday, though it is likely to be in a corrective manner now. These rallies should be used to initiate fresh short positions. 1.4940/50 remains key level for bears. It is recommended that you hold short positions and sell intraday rallies as well.
2. Immediate resistance is the 1.4940/50 level followed by 1.5120/30, while supports are at 1.4570/80 followed by 1.4360/70, 1.4200 and lower.
3. The structure reveals that a meaningful top is in place at 1.5120/30 now. Prices are expected to continue drifting lower from here on towards 1.4400 and 1.4000 respectively.
Trading recommendations:
Remain short from earlier, stop at 1.5130, target at 1.44 and 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 February 05, 2014 . Thanks for your support on Technical analysis of GBP/CHF for February 05, 2014
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