GbpChf: A pullback rally may materialize towards at least 1.4610/20
Technical outlook and chart setups:
Yesterday was a relatively quiet day in terms of price action. The single currency pair has met with the expected swing level at 1.4460 and is consolidating at the moment. As depicted here, further support is at 1.4300 and just below 1.42 and a push lower still possible before a meaningful pullback recovery materializes. Resistance begins from 1.4610/20 and extends up to 1.4850/60, while 1.5 remains major resistance at the moment. A huge inverse head and shoulder formation maybe under way and we shall discuss this scenario in the coming sessions.
1. Conservative trade strategy would be to remain flat for now.
2. Aggressive trade strategy would be to go long, stop is at 1.4300, and target is at least at 1.4600.
The material has been provided by Instaforex Company – http://www.instaforex.com/