Technical outlook and chart setups:
1. The GBP/CHF pair is seen rising towards the 1.4800 levels as expected and discussed yesterday. Recommendations are to remain long, with risk at 1.4550 for now. Bulls are firmly in control at the moment and a push beyond 1.4830/40 would prove further bullish for the pair. Also note that it has bounced off the resistance turned trend line and fibonacci 50% ratio around 1.4630 levels.
2. Support is at 1.4600/30 (intermediary), followed by 1.4450, 1.4350, 1.4200 while resistance is at 1.4850, followed by 1.4950/60 and 1.5120 respectively.
3. The structure indicates that bulls remain in control for now and the pair is expected to push beyond 1.4850 soon. Only a reversal from the 1.4800/30 would delay matters.
Trading recommendations:
Remain long, stop is at 1.4550, 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 16, 2014 . Thanks for your support on Technical analysis of GBP/CHF for April 16, 2014
No comments:
Post a Comment