Technical outlook and chart setups:
1. The GBP/CHF pair has produced a bearish evening star at the close of last week as seen here. Implications from here remain on the down side, till prices stay below the 1.4880/1.4900 levels. Recommendations are to hold on to short positions from last week, risk remains at 1.4950/60. 1.4680/1.4700 should be in sight now.
2. Support is at 1.4650, followed by 1.4550, 1,4450, 1,4350 and lower while resistance is at 1.4950/60 followed by 1.5120 respectively.
3. The structure reveals that GBP/CHF is facing still resistance at 1.4900 levels for now. A counter trend may be under way towards 1.4700 levels.
Trade recommendations:
Remain short, stop is at 1.4950/60, target is at 1.4700 at least.
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 May 05, 2014 . Thanks for your support on Technical analysis of GBP/CHF for May 05, 2014
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