GbpChf finally breaks 1.4670/1.4700 convincingly. Recommended to initiate short positions
Technical outlook and chart setups:
As depicted on the 4H chart view here, the prices have broken down on the support region of 1.4700 clearly. Immediate chart resistance is now at 1.4770 region followed by 1.5050, while support is not before 1.4600/1.4500 respectively. Aggressive long positions, if were taken yesterday, need to be covered up. Furthermore, the past support region of 1.4700 is now turned into resistance. Trading strategy from here on should be to sell intraday rallies through 1.4700/20. Looking lower from here on.
Initiate short positions now (1.4670) and intraday rallies through 1.4700/20, stop is at 1.4800, and target 1.4600/1.4500.
The material has been provided by Instaforex Company – http://www.instaforex.com/