empty
 
 
23.05.2014 08:46 AM
Technical analysis of GBP/CHF for May 23, 2014
This image is no longer relevant

Technical outlook and chart setups:

1. The GBP/CHF pair is stalling ahead of key resistance at 1.5120/30 levels as seen here. The pair has produced a doji candlestick trade signal indicating a potential reversal from here. This retracement or pullback is expected to move lower towards 1.4700 levels at least. Recommendations are to remain short, risk is at 1.5120/30.

2. Support is seen at 1.4900, followed by 1.4780, 1.4630 and lower while resistance is seen at 1.5120/30 levels respectively.

3. The structure indicates that GBP/CHF pair has potentially changed the trend towards higher levels, but a retracement should be expected towards 1.4700 levels before bulls resume again.

Trading recommendations:

Remain short, stop at 1.5130, target is 1.4700

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