Technical outlook and chart setups:
Looking into the 4H chart view depicted here, the single currency pair has been stalling recently, just ahead of resistance marked at 1.4530/40 levels. Furthermore, 1.4450 is also 0.786 resistance of the downswing from 1.4530/40 to 1.4000 earlier. Please note that the inner support line has been broken and the prices seem to be testing backside of the line which is past support turned resistance now. A push below 1.4380/70 mark would re-affirm that bears are back in control and that the counter trend (up) is over. Therefore, it is recommended to remain short from earlier positions and also look to add fresh positions now if required. Till the time prices are below 1.4530/40 levels, looking lower. The scenarios would change if 1.4530/40 gives way. In that case, we shall shift focus to buy on dips.
Trading recommendations:
Remain short for now, stop is at 1.4580, and target is below 1.4.
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 GbpChf stalling ahead of 1.4530, marked as resistance . Thanks for your support on GbpChf stalling ahead of 1.4530, marked as resistance
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