GbpChf preparing to resume downswing. 1.4411 remains resistance
Technical outlook and chart setups:
As seen on the 4H chart view, the single currency pair has printed overnight highs around 1.4380/90 levels, just shy of around 20 pips from our measured level of 1.4411. Still one last rally through 1.4410 cannot be ruled out before the pair forms a reversal. At the moment, a tweezer top candle stick pattern seems to be unfolding, which is bearish. Intermediary support levels are seen towards 1.4200, followed by 1.4030/40 and lower; while resistance is fixed just above 1.4500 level for now. If prices manage to break 1.45, which is quite unlikely at the moment, the wave structure would be changed to an inverse head and shoulder unfolding and we could look to go long at the right shoulder. This scenario shall be discussed as it unfolds. Looking bearish at the moment.
Hold on to short positions, add further at 1.4411, stop is above 1.4550, and target is below 1.4.
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