GBP/CHF interim support seen at 1.44 level. Reduce risk on longs
May 3, 2013 11:15 am
Technical outlook and chart settings:
As seen here, the currency pair has bounced back from 1.44 level producing a morning star bullish signal. It is recommended to hold on to long positions taken yesterday but reduce risk as well. It is quite possible that the pair forms a gartley and falls towards 1.43-1.4250 levels before rallying further up. Resistance major is at 1.5 level and below that 1.4700 which is past support turned resistance. Support for the short term is at 1.44, followed by 1.4075, 1.4030 and lower. The pair is likely to be heading towards 1.47 levels at least in the near term; however a break below 1.44 levels now, would see a gartley formation towards 1.4250 level. Hence, it is recommended to reduce risk on long positions .
Trading recommendations:
1. Book partial profits on long positions.
2. Move stop loss to 1.44.
Good Luck !
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart settings:
As seen here, the currency pair has bounced back from 1.44 level producing a morning star bullish signal. It is recommended to hold on to long positions taken yesterday but reduce risk as well. It is quite possible that the pair forms a gartley and falls towards 1.43-1.4250 levels before rallying further up. Resistance major is at 1.5 level and below that 1.4700 which is past support turned resistance. Support for the short term is at 1.44, followed by 1.4075, 1.4030 and lower. The pair is likely to be heading towards 1.47 levels at least in the near term; however a break below 1.44 levels now, would see a gartley formation towards 1.4250 level. Hence, it is recommended to reduce risk on long positions .
Trading recommendations:
1. Book partial profits on long positions.
2. Move stop loss to 1.44.
Good Luck !
The material has been provided by InstaForex Company – www.instaforex.com
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