Technical Outlook:
The GBP/CHF pair has broken the upper boundary of the wedge and fixed above it. This indicates that there is stil the potential to clear the resistance at 1.4790 level. Be very cautious while entering with Buy-positions at these levels since Daily Charts are strecthed out and a pullback is possible. New channel line support, as shown below, is around 1.4500 levels while resistance is still at 1.4790.
Chart Setup:
Prices are still stagnant at the 0.786 retracement at 1.4670/80 levels, which is providing resistance at the moment. The wedge upper boundary has been cleared as expected, and the bulls are likely to test and break the resistance level 1.4790. Before the prces retrace towards the channel line support at 1.4500 as shown above. TAs long as the time prices remain above the channel line support, prices are likely to move towards 1.4790 and higher.
Trade Recommendations:
1. Sold @ 1.4520/40, stop @ 1.4790, Target @ 1.3950 and 1.3800. Holding shorts for now.
2. Enter buying around 1.4500 levels near channel line support.
Best Regards
The material has been provided by Instaforex Company - instaforex.com
The GBP/CHF pair has broken the upper boundary of the wedge and fixed above it. This indicates that there is stil the potential to clear the resistance at 1.4790 level. Be very cautious while entering with Buy-positions at these levels since Daily Charts are strecthed out and a pullback is possible. New channel line support, as shown below, is around 1.4500 levels while resistance is still at 1.4790.
Chart Setup:
Prices are still stagnant at the 0.786 retracement at 1.4670/80 levels, which is providing resistance at the moment. The wedge upper boundary has been cleared as expected, and the bulls are likely to test and break the resistance level 1.4790. Before the prces retrace towards the channel line support at 1.4500 as shown above. TAs long as the time prices remain above the channel line support, prices are likely to move towards 1.4790 and higher.
Trade Recommendations:
1. Sold @ 1.4520/40, stop @ 1.4790, Target @ 1.3950 and 1.3800. Holding shorts for now.
2. Enter buying around 1.4500 levels near channel line support.
Best Regards
The material has been provided by Instaforex Company - instaforex.com
