GBPCHF hits 1.48 and retreats. Book partial profits on longs
November 8, 2013 12:15 pm
Technical outlook and chart setups:
The currency pair has raised through the 1.48 levels as expected and discussed earlier. It is recommended to book partial profits on long positions initiated earlier and also move risk to breakeven levels. Higher side extensions are still pointing towards the 1.4900/30 levels, before the major reversal could materialize. Support levels are spread through the 1.44/4380 levels, followed by 1.42 and 1.4075; while resistance is fixed at 1.5 (major). The entire structure could be unfolding as the major retracement, towards 1.49, before dropping down below the swing lows formed around 1.4 several months ago. Looking higher for now, before the reversal occurs.
Trading recommendations:
Book partial profits on long positions taken earlier, move stop loss to breakeven, target is at 1.49.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The currency pair has raised through the 1.48 levels as expected and discussed earlier. It is recommended to book partial profits on long positions initiated earlier and also move risk to breakeven levels. Higher side extensions are still pointing towards the 1.4900/30 levels, before the major reversal could materialize. Support levels are spread through the 1.44/4380 levels, followed by 1.42 and 1.4075; while resistance is fixed at 1.5 (major). The entire structure could be unfolding as the major retracement, towards 1.49, before dropping down below the swing lows formed around 1.4 several months ago. Looking higher for now, before the reversal occurs.
Trading recommendations:
Book partial profits on long positions taken earlier, move stop loss to breakeven, target is at 1.49.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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