Technical outlook and chart setups:
1. The GBP/CHF pair is seen to be pulling back, after taking out resistance at 1.4850/60. Please note that bears would possibly remain in control till at least 1.4650/80 levels, which is confluence of fibonacci 0.50 retracement and trend line. A bullish bounce there should be bought.
2. Support is seen at 1.4630/00, followed by 1.4500/1.4450, 1.4350, 1.4200 and lower, while resistance is seen at 1.4950 and 1.5120 respectively.
3. The chart setup indicated that GBP/CHF pair should resume its rally at intermediary trendline support around 1.4600/30 levels. On the flip side, if the support line breaks, the pair might be heading south.
Trading recommendations:
Flat for now. Looking to buy around 1.46 on a bounce.
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 24, 2014 . Thanks for your support on Technical analysis of GBP/CHF for April 24, 2014
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