Technical outlook and chart setups:
1. The GBP/CHF rally needs to take out 1.4850 levels at least, as discussed yesterday. This would confirm that bulls stay in control and pullbacks can be bought. It is recommended to remain flat for now and wait for reaction ahead of 1.4850 levels.
2. Resistance is at 1.4850, followed by 1.4950/60 and 1.5120, while supports are spread through 1.4650, followed by 1.4450, 1.4350 and lower respectively.
3. The structure indicates that though GBP/CHF has broken the down trend line, a break of 1.4850 is required to confirm a long term trend reversal. Waiting for price action around that levels for now.
Trading recommendations:
Remain flat for now.
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 08, 2014 . Thanks for your support on Technical analysis of GBP/CHF for April 08, 2014
No comments:
Post a Comment