Technical outlook and chart setups:
1. The GBP/CHF pair is stalling ahead of 1.4850/60 levels for now. Please note that this region is also a fibonacci ratios convergences as seen here. If the pair reverses from current levels, 1.4800, bears could take back control and push it further low towards 1.4450 at least. Recommendations are to still remain flat and wait for further confirmation.
2. Intermediary support is seen at 1.4650/60, followed by 1.4450, 1.4350, while resistance is at 1.4850, followed by 1.4960 and 1.5120 respectively.
3. The structure remains unchanged for now and bulls need to take out at least 1.4850 to remain in control. A failure to do so could trigger a sell off.
Trading recommendations:
1. Aggressive trade setup is to go short now, set stop at 1.4860, target is open.
2. Conservative setup is to remain flat.
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 19, 2014 . Thanks for your support on Technical analysis of GBP/CHF for April 19, 2014
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