Technical outlook and chart setups:
1. The GBP/CHF pair is stalling ahead of key resistance at 1.5120/30 levels as seen here. The pair has produced a doji candlestick trade signal indicating a potential reversal from here. This retracement or pullback is expected to move lower towards 1.4700 levels at least. Recommendations are to remain short, risk is at 1.5120/30.
2. Support is seen at 1.4900, followed by 1.4780, 1.4630 and lower while resistance is seen at 1.5120/30 levels respectively.
3. The structure indicates that GBP/CHF pair has potentially changed the trend towards higher levels, but a retracement should be expected towards 1.4700 levels before bulls resume again.
Trading recommendations:
Remain short, stop at 1.5130, target is 1.4700
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 23, 2014 . Thanks for your support on Technical analysis of GBP/CHF for May 23, 2014
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