Technical outlook and chart setups:
1. The GBP/CHF pair is consolidating in a 120 pip range since several trading sessions. The pair is expected to fall towards the 1.4800/1.4780 levels from current levels. A break below the 1.4770, will push it further low towards at least 1.4700/1.4680. Recommendations are to remain short for now, with stop above 1.4950/60.
2. Support is at 1.4630, followed by 1.4550, 1.4450, 1,4350 and lower, while resistance is at 1.4950 and 1.5120 respectively.
3. The structure indicates that GBP/CHF would continue to drift lower for now at least towards 1.4680/1.4700 levels. It is quite possible that the pair may reverse all together lower.
Trade recommendations:
Remain short, set stop at 1.4950/60, 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 May 07, 2014 . Thanks for your support on Technical analysis of GBP/CHF for May 07, 2014
No comments:
Post a Comment