23.02.201209:35 Forex Analysis & Reviews: EUR/USD Intraday Technical Analysis and Trading Recommendations for February 23, 2012

Long-term review

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Technical outlook and chart setups:

The GBP/CHF is seen to be facing resistance around 1.5500/25 levels lately. Moreover the pair is looking to form a bearish evening star candlestick signal on Daily chart, as seen here. Indications are at least a corrective decline into 1.5200 levels, which is the fibonacci 0.618 support of the rally from 1.4975 towards 1.5500/25. Strong support is seen at 1.4975, followed by 1.4750/75, while resistance is fixed at 1.5500/25 levels for now. Recommendations are to initiate short positions now, risk remains at 1.5550.

Trading recommendations:

Initiate short positions, stop at 1.5550/60, target is open.

Good luck!

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