Technical outlook and chart setups:
1. The GBP/CHF pair has been drifting lower since turning back from the 1.5350/60 levels as seen here. The fibonacci 0.618 support is seen at 1.5225, and a bullish bounce from there could push the pair higher above 1.5350/60. The inner line of support seems to be passing the same levels. Watch for a reaction at 1.5225 for now.
2. Support is at 1.5150, followed by 1.4950, 1.4780 and lower while resistance is seen at 1.5350 respectively.
3. The structure indicates that GBP/CHF pair needs to take out 1.5150 for bears to take control.
Trading recommendations:
Remain short, stop at break even levels now, reverse on a bullish bounce at 1.5225.
Good luck!
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Performed by Harsh Japee, Analytical expert InstaForex Group © 2007-2014 |
Technical analysis of GBP/CHF for July 10, 2014
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