Technical outlook and chart setups:
1. The GBP/CHF pair seems to be on cross roads at the moment. The pair has to come back into the sell zone of the resistance line below 1.4700 levels to confirm further bearish setup. A push above the 1.4790 levels, would confirm that bulls remain in control for now. It is recommended to remain short for now, reduce risk to 1,48 levels though.
2. Resistance is seen at 1.4850/60 (intermediary), followed by 1.4950/60, and 1.5120 while support begins from 1.4450/70 (intermediary), followed by 1.4350 and lower respectively.
3. The entire structure indicates that GBP/CHF needs to break into the resistance line or above 1.4800 levels to decide further moves. Probabilities remain both sides now. Avoid initiating fresh positions at the moment.
Trading recommendations:
Remain short on earlier positions, stop is at 1.4800, target is open.
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 April 02, 2014 . Thanks for your support on Technical analysis of GBP/CHF for April 02, 2014
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