Greetings to All!
Technical Outlook: The counter remains locked within a trading range of around 500 pips between 1.42 (Support) and 1.47 (Resistance). The long-term trend remains bearish, as shown below on charts, while the midterm uptrend/counter trend seems to be over now at 1.4790 levels. Till the present time prices have stayed below 1.4790, one should try and look for opportunities to sell. Immediate support comes in at the 1.44 level.
Chart Setups and Trading Recommendations:
As shown below, the GBP/CHF pair is moving in a broad trading range from 1.42 to 1.4750 levels. The dropping trendline is also passing our measured resistance at the 1.4790 level. Looking into the long-term bearish trend structure, it is recommended to trade short on rallies now. The counter trend rally, which began at 1.15 seems to have been completed at 1.4790, and the structural downtrend could resume any moment. Once 1.42 is taken out by the bears on the downside, it will fall aggressively! A bullish breakout shall be confirmed only if the well placed resistance at 1.4790 is broken. This count seems to be less probable at the moment.
Bottom Line: lower from here on...
Sell at 1.4520-1.4540, Stop at 1.4750 , Target1 at 1.3950, Target2 at 1.3800 Minimum.
