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    GBP/CHF Setting Up a Pullback at least to 1.4550 - Technical Analysis and Trading Recommendations

    General overview for 20/02/2015 10:30 CET

    The current wave progression starts to looks like a triangle formation with a very strong support based between the levels of 1.2349 - 1.2359. The price action is very choppy and overlapping, just as it should be in a triangle pattern. This might lead to a conclusion that as long as the level of 1.2349 is not violated, the recent swing high at the level of 1.2797 might be the top for a larger wave 3 instead of wave 5. Nevertheless, the market is still consolidating in a rather thight range, and traders might wait for more clear pattern to emerge.

    Support/Resistance:

    1.2349 - Technical Support|Key Level|

    1.2465 - Intrday Support

    1.2553 - Intraday Resistance

    1.2420 - Golden trend Line Dynamic Support

    Trading recommendations:

    Daytraders should refrain from trading as long as one of the important levels is violated: either 1.2349 or 1.2696.

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    Uitgevoerd door, Analytische expert
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