empty
 
 
25.03.2013 01:44 PM
GbpChf ready resume next downswing below 1.4 level

This image is no longer relevant

Technical outlook and chart setups:

A 4H chart view has been depicted here for the latest swing structure. The Line of Resistance was temporarily broken and prices rallied up to 1.44 level last week. But it needs to be noted that immediate resistance at 1.4520/30 has not been breached yet. Hence it is advisable to trade along with larger trend, which is down. As seen, the inner support trend line seems to be giving way at the moment for prices to move lower towards the counter trend line. Immediate resistance is just above 1.4500; while support is just below 1.4200 level, followed by 1.4030 and 1.4 respectively. Keeping above structure in mind, it is recommended to stay short till prices are below 1.4520/30 levels. Bottom line: Looking lower for now with resistance at 1.4520/30.

Trading recommendations:

Remain short, add further if possible, stop is above 1.4550, and target below 1.4.

Good Luck!

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback