empty
 
 
03.11.2014 08:39 AM
Technical analysis of GBP/CHF for November 03, 2014

This image is no longer relevant

Technical outlook and chart setups:

The GBP/CHF pair rallied to 1.5435 levels and is pulling back on the 4H chart view seen here. Please note that the pair has hit fibonacci 0.786 resistance (of the fall between 1.5550 to 1.4975), and a bearish reversal confirmation here would resume its 3rd wave on the lower side. The counter trend line is passing through 1.5200/50 levels for now, and a break there would accelerate downfall. Resistance is seen at 1.5450 and 1.5550, while support is seen at 1.5225, followed by 1.5100, 1.4975 and lower respectively. It is recommended to remain short, risk remains above 1.4550 and also look to add fresh positions at current levels. Bears are expected to regain control till prices stay below 1.5550.

Trading recommendations:

Remain short, set stop at 1.5550, target is open.

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