GbpChf Rally Gathers Pace. Remain Long and Move Risk To Break Even
September 2, 2013 8:45 am
Technical Outlook and Chart Setups:
The single currency pair has rallied past the sloping downtrend line for now. A bullish candle appearance here would confirm a break; which could extend the rally further higher above 1.46. Immediate resistance region is 1.45/1.46, followed by 1.48, and strong resistance at 1.5 as depicted here. Support is at 1.42 (intermediary), followed by 1.4 and lower. A push ahead of 1.46 would confirm that the single currency pair is headed towards 1.49 levels. On the flip side, a failure to break 1.46 would reverse the same. It is recommended to remain long for now with risk at break even; a change in scenario would be re-considered.
Trade Recommendations:
Remain long for now. Move stop to break even levels.
Good Luck !
The material has been provided by InstaForex Company – www.instaforex.com
Technical Outlook and Chart Setups:
The single currency pair has rallied past the sloping downtrend line for now. A bullish candle appearance here would confirm a break; which could extend the rally further higher above 1.46. Immediate resistance region is 1.45/1.46, followed by 1.48, and strong resistance at 1.5 as depicted here. Support is at 1.42 (intermediary), followed by 1.4 and lower. A push ahead of 1.46 would confirm that the single currency pair is headed towards 1.49 levels. On the flip side, a failure to break 1.46 would reverse the same. It is recommended to remain long for now with risk at break even; a change in scenario would be re-considered.
Trade Recommendations:
Remain long for now. Move stop to break even levels.
Good Luck !
The material has been provided by InstaForex Company – www.instaforex.com
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