GBP/CHF reaches past resistance of 1.44. Interim rally possible
May 1, 2013 9:45 am
Technical outlook and chart settings:
This currency pair has followed up well after producing a bearish pattern, and reached close to 1.44 levels. Please note that this region is marked by past resistance and could produce an interim bounce higher. 1.4500/50 is resistance for now and rallies should be well capped below this level. It is recommended to book partial profits around current levels at 1.4440/50, allowing more space to sell higher on pullbacks. Major resistance is now marked by 1.4650/1.4700 levels which are re-enforced by 0.618 fibonacci resistance and past support turned resistance respectively. The currency pair is expected to rally for now to around 1.45 and then down again. Fresh short positions should be taken on intraday rallies.
Trade recommendations:
Book partial profits on short positions taken earlier. Add fresh shorts around 1.45, stop at 1.4850, target atleast 1.4200 atleast.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart settings:
This currency pair has followed up well after producing a bearish pattern, and reached close to 1.44 levels. Please note that this region is marked by past resistance and could produce an interim bounce higher. 1.4500/50 is resistance for now and rallies should be well capped below this level. It is recommended to book partial profits around current levels at 1.4440/50, allowing more space to sell higher on pullbacks. Major resistance is now marked by 1.4650/1.4700 levels which are re-enforced by 0.618 fibonacci resistance and past support turned resistance respectively. The currency pair is expected to rally for now to around 1.45 and then down again. Fresh short positions should be taken on intraday rallies.
Trade recommendations:
Book partial profits on short positions taken earlier. Add fresh shorts around 1.45, stop at 1.4850, target atleast 1.4200 atleast.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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