Technical Outlook:
“Trading is a gram of patience”, they say, and there is no better example than GBP/CHF. Bulls are determined to give one more try to get past resistance of 1.4620/30 levels. Please remember, our major trend defining resistance is 1.4790. Till the time prices are below that, it is suggested to sell all intraday rallies. Next 2 trading sessions are critical and would be trend setters. We are still awaiting a clear breakout.
Chart Setup:
As indicated above, we are still optimistic that the defined intermediary resistance at 1.4620/30 and Daily chart resistance at 1.4790 will hold good. Bulls are attempting again to test 1.4620 today. Bears need to worry only if prices break 1.4790, we shall reverse our trading direction only after that. Lets trade in accord to the facts… prices are being tested, not broken yet. We need to stick to our Trade Plan for now. Expect bears to regain control soon. Our measured downside projections are 1.3950. A clear break and sustained upside to 1.4790 will change our Trade Plan.
Bottom Line: Lower.
Trade Recommendations: Issued last week.
Sell @ 1.4520/40, Stop @ 1.4790, Target 1 @ 1.3950, Target 2 @ 1.3790
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