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Daily Forex Technicals |
Written by FXTechstrategy |
Jun 17 11 08:14 GMT
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GBPCHF - Maintains Long Term Bearish Momentum
GBPCHF - With a loss of upside momentum at the 1.3905 level triggering a sell off on Thursday, risk of further weakness cannot be ruled out initially towards the 1.3612 level, its Jun 13'2011 low. This view remains consistent with its broader long term downtrend in place for many years. On a break and close below the 1.3612 level, GBPCHF will weaken further towards the 1.3500 and 1.3400 levels, all representing its psycho levels. Its weekly and daily studies are bearish and pointing lower suggesting further weakness. On the upside, resistance starts at 1.3905 level, its Jun 15'2011 high with a turn above there setting the stage for further strength towards its May 31'2011 high at 1.4119. A cap is likely to occur and turn the cross back down in the direction of its primary trend if that level is tested. All in all, GBPCHF remains broadly biased to the downside in the long term.
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About the Author
Mohammed Isah
Market Analyst
www.fxtechstrategy.com
This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are the author's own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which the author incur any responsibility. The does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report
