Technical Outlook:
Structurally, the situation has not changed for the last 2 trading weeks on the GBP/CHF market. The major resistance level is still strong at 1.4790 levels. Intermediary swing resistance is now placed at 1.4650 levels. Bulls are again testing the last week's highs at 1.4620 levels. We recommend trading plan to remain the same as depicted on the Daily Chart setup below.
Chart Setup:
As it is depocted above, sw are still at a possible C (Right Shoulder) of the AB downswing above. As long as price remains below the major resistance at 1.4790, it is necessary to consider the downside breakout. Immediate support is placed at 1.4400 levels connected by the new channel line shown above. The measured downside expectations are 1.3950 and 1.3800 levels. Only breakdown of 1.4790 level will reverse the bearish possibility. Bottom Line: Lower/Sideways?
Trade Recommendations: Issued Earlier
Sold @ 1.4520/40, Stop @ 1.4790, Target1 @ 1.3950, Target2 @ 1.3800.
Best Regards,
