Technical outlook and chart setups:
1. The GBP/CHF has followed up well after producing a morning star bullish signal earlier and is trading around the 1.5250/60 levels for now. Still the pair could first complete counter trend around 1.5080 levels before rallying further. Long positions could be taken off for now and lower levels should be sought to enter again.
2. Support is seen at 1.5120/30 (interim), followed by 1.4950, 1.4780, 1.4650 and lower, while resistance is seen at 1.5300 levels respectively.
3. The structure indicates that GBP/CHF could still complete its correction towards 1.5080 levels before rallying further up.
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 July 03, 2014 . Thanks for your support on Technical analysis of GBP/CHF for July 03, 2014
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