Technical outlook and chart setups:
1. The GBP/CHF pair trades around the 1.4780/1.4800 levels for now. It is still expected to fall lower towards 1.4730/50 levels where trend line and fibonacci 0.618 support is available. A bullish bounce from those levels should be bought for a higher extension towards 1.4950 and above. Recommendations for now is to remain flat.
2. Support is at 1.4630/50, followed by 1.4550, 1.4450, 1.4350 and lower, while resistance is spread through 1.4950 and 1.5120 respectively.
3. The structure indicates that GBP/CHF could possibly correct towards 1.4730 levels before resuming rally higher. On the flip side, a break of 1.4700 and trend line would prove to be extremely bearish though.
Trading recommendations:
Remain flat for now. Looking to buy from lower levels.
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 April 29, 2014 . Thanks for your support on Technical analysis of GBP/CHF for April 29, 2014
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