Technical outlook and chart setups:
1. The single currency pair has rallied through the 1.4900's region as expected. Please note that 1.4900 is the 0.618 fibonacci resistance of the fall from 1.5020 to 1.4720/30 recently. It is recommended to take profits on long positions for now.
2. Resistance is at 1.5020, while supports are spread through 1.4700/20 (intermediary), followed by 1.4550 and 1.4350 respectively.
3. The structure reveals that till prices are below 1.5020, the down swing would continue towards 1.4550 atleast.A failure to break the recent lows at 1.4700 would be favorable to bulls.
Trade recommendations:
Book profits on long positions taken. Aggressive trade setup would be to initiate 50% short positions now, stop at 1.5020, target 1.4550.
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 January 16, 2014 . Thanks for your support on Technical analysis of GBP/CHF for January 16, 2014
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