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.
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,
The material has been provided by Instaforex Company - instaforex.com
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.
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,
The material has been provided by Instaforex Company - instaforex.com
