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Technical outlook and chart setups:
1. The GBP/CHF pair has resumed pullback after taking out resistance at 1.4850/60 levels earlier. As seen here, the minimum level for a bullish bounce to appear is around 1.4750 levels and below that around 1.4600 (these are the fibonacci support levels). Recommendations are to wait for a bullish bounce to initiate long positions again.
2. Support is at 1.4600, followed by 1.4450, 1.4350and lower, while resistance is at 1.4950/60 followed by 1.5120 respectively.
3. The structure indicates that GBP/CHF should be well supported around the 1.46/47 levels. However, a break below 1.4550 and 1.4450 would be extremely bearish.
Trading recommendations:
Flat for now. Looking to buy lower.
Good luck!
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Performed by Harsh Japee, Analytical expert InstaForex Group © 2007-2014 |
Technical analysis of GBP/CHF for April 25, 2014
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