Technical outlook and chart setups:
1. The GBP/CHF prints fresh highs at 1.5400 levels and pulls back sharply as seen here. The pair has produced a bearish engulfing candlestick signal indicating that the next move may be lower. Short positions could be initiated between 1.5360/70 levels, risk remains at 1.5440.
2. Support is at 1.5225 levels, followed by 1.5150, 1.4950, 1.4780 and lower while resistance is at 1.5400 respectively.
3. The structure indicates that GBP/CHF could drop lower in a corrective manner. Only a break below 1.5225 would be bearish.
Trading recommendations:
Initiate short positions around 1.5350/70, stop at 1.5440, 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 July 18, 2014 . Thanks for your support on Technical analysis of GBP/CHF for July 18, 2014
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