Forex Analysis: 2012-04-19 09:55:41 UTC+00 2 years, 8 months, 2 days, 8 hours, 35 min. ago
GBP/CHF: Breaking out of Wedge Formations - Technical Analysis and Trading Recommendations

Technical Outlook:

GBP/CHF cleared medium term resistance at the 1.4620 level yesterday, and it is now threatening to break out of the Rising Wedge formations discussed earlier and shown on the chart setups below. Still considering the overall structure the prices are held up at a convergence of the resistance at 0.786 and at the upper boundary of the Wedge; it will require at least one more day to finish a clear breakout and turn bullish. Resistance is strong and positioned at 1.4790, at present it is still recommended to hold short positions opened earlier with 1.4790 as the line in the sand for the bulls to take over.


Show full picture


Chart Setups:

As seen from the above, the resistance 0.7860 of AB boundary (1.4790 to 1.4200) comes in around the area of 1.4670. Prices have just stalled around 1.4700, which defines the resistance zone. A bearish formation now (1-2 days) will re-enforce bears to resume once again and break through the channel line support coming at 1.4500. On the other hand, another day of rally can target at breaking the well placed resistance at 1.4790 at the moment and strengthen the bullish momentum.

Trading Recommendations: Issued Earlier

Sell at 1.4520/40, Stop at 1.4790, Target1 at 1.3950, Target2 at 1.3800.


Best regards,

Performed by
analytical expert: Harsh Japee
InstaForex Group © 2007-2014
 Published: 2012-04-19 09:55:41 UTC+00 2 years, 8 months, 2 days, 8 hours, 35 min. ago

Recommend: Forex Analytics
Elliott wave analysis of EUR/NZD for December 19 - 2014
2014-12-19 05:41:29 UTC+00 1 day, 20 hours, 49 min. ago  
Betrachtet heute 750
Intraday technical levels and trading recommendations on EUR/USD for December...
2014-12-19 16:49:27 UTC+00 1 day, 9 hours, 41 min. ago  
Betrachtet heute 731
Technical analysis of USD/CAD for December 19, 2014
2014-12-19 09:49:28 UTC+00 1 day, 16 hours, 41 min. ago  
Betrachtet heute 798
Technical analysis of EUR/JPY for December 19, 2014
2014-12-19 04:05:37 UTC+00 1 day, 22 hours, 25 min. ago  
Betrachtet heute 698
Technical analysis of USD/JPY for December 19, 2014
2014-12-19 10:37:24 UTC+00 1 day, 15 hours, 53 min. ago  
Betrachtet heute 746