Technical outlook and chart setups:
1. The GBP/CHF is expected to resume down swing towards 1.4400 and 1.4000. It is recommended to hold on short positions and also look to sell rallies (intraday - inter day).
2. Immediate resistance is at 1.4940/50, while major is at the 1.5120/30 level, while supports are at 1.4550/60, 1.4400, 1.4200, and lower.
3. The structure remains unchanged for now. Till the time prices remain below 1.5120/30, it should continue drifting lower towards 1.4400 and 1.4000. The weekly chart shows that a major top could have formed at 1.5120/30 and reversal is underway.
Trading recommendations:
Remain short, stop is at 1.5120/30, target is 1.44 and 1.400.
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 06, 2014 . Thanks for your support on Technical analysis of GBP/CHF for February 06, 2014
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