GBP/CHF Setting Up a Pullback at least to 1.4550 - Technical Analysis and Trading Recommendations

Technical Outlook:

1.4790 - resistance is a bit too strong to break, and we are not surprised. Furthermore, the structure on Weekly Charts indicates a dropping trendline (shown in light colour below), which is passing right through the current price movement. If this trendline holds, GBP/CHF bears are set to regain control. A drop towards 1.4550-1.4600 is possible from here on. On the other hand, a break of 1.4790 (less probable though), will structurally shift the trend.

 

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Chart Setups:

The above chart positioning indicates a pullback at least towards 1.4550-1.4600 in the coming sessions. 1.4790 is holding as strong resistance since long now, and a break there will bring in a shift in trend. As for now, we are counting on bears to regain control back towards the channel support.

Trading Recommendations:

Holding short positions from 1,4520/40 with stop at 1.4790.

 

Best Regards,

Performed by Analytical expert: Harsh Japee
InstaForex Group © 2007-2013

 Published: 2012-04-25 12:37:52 UTC+00 1 year, 1 month, 8 hours, 3 min. ago

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