empty
 
 
22.04.2013 01:49 PM
GbpChf setting up to resume downswing below 1.4. Remain short

This image is no longer relevant

Technical outlook and chart setups:

The single currency pair is setting up for an extended downswing towards 1.4 and lower as seen on the 4H chart depicted here. Resistance is consolidated at 1.4350/60 levels, followed by 1.4400 and 1.4480 on the higher side; while intermediary support is at 1.4030, followed by 1.4 and lower respectively. The last rally can be seen as a retracement of the downswing from 1.4480 levels, at the moment. Please note that 1.4530 level is still seen as trend defining resistance level and bears would remain in control till the time prices remain below the same. Bottom line: Remain short for now.

Trading recommendations:

Hold on short positions and sell rallies (intraday), stop is at 1.4350/60, and target is below 1.4

Good luck!

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
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 $6000 more!
    In December we raffle $6000 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
  • 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