Technical outlook and chart setups:
1. The GBP/CHF pair again tests 1.5000 levels before reversing sharply. The pair currently trades around the mid 1.4900's and it is expected to continue drifting lower towards 1.4700 levels as seen here. Bulls have managed to take out important resistance at 1.4950/60 recently and the pair could produce a meaningful retracement. Recommendations are to remain short, risk remains at 1.5040.
2. Support is at 1.4780, followed by 1.4630, 1.4550, 1.4450 and lower, while resistance is at 1.5120 respectively.
3. The structure still remains constructive for bears to gain control till prices stay below 1.5040/50 levels. Rallies should fade around 1.5980 levels if reached.
Trading recommendations:
Remain short, stop at 1.5045, 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 May16, 2014 . Thanks for your support on Technical analysis of GBP/CHF for May16, 2014
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