GbpChf consolidates before the next leg… Possibly higher
July 30, 2013 8:39 am
Technical outlook and chart setups:
There is no change in the outlook from what has been discussed recently. The single currency pair seems to be consolidating after bouncing off the rising trend line recently around the 1.4270/80 mark. Intermediary support is at 1.4200, followed by 1.4075/1.4; while immediate resistance is at 1.48, followed by 1.5 and higher up. It is recommended to remain long on positions initiated earlier, till 1.42 remains intact. The current consolidation phase should be cleared off by the events lined up in the coming sessions. Looking higher for now.
Trading recommendations:
Remain long for now, stop is below 1.42, and target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
There is no change in the outlook from what has been discussed recently. The single currency pair seems to be consolidating after bouncing off the rising trend line recently around the 1.4270/80 mark. Intermediary support is at 1.4200, followed by 1.4075/1.4; while immediate resistance is at 1.48, followed by 1.5 and higher up. It is recommended to remain long on positions initiated earlier, till 1.42 remains intact. The current consolidation phase should be cleared off by the events lined up in the coming sessions. Looking higher for now.
Trading recommendations:
Remain long for now, stop is below 1.42, and target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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