GbpChf retraces and bounces just ahead of support at 1.4580. Stay Long
May 22, 2013 11:30 am
Technical outlook and chart setups:
The single currency pair is still back-testing the line of resistance and is expected to bounce back. As depicted here, major resistance is fixed at 1.5 level, followed by 1.51/52 and higher up; while support is at 1.4580, followed by 1.45, 1.44 and lower. It is still recommended to hold long positions, and further add on dips. Till the time 1.4580 remains intact, bulls shall remain in control and prices should look up higher. Looking into the overall wave structure here, the entire down fall from sub 1.54 levels to 1.4, could be retraced till 1.51, before the next big move begins lower. Only if 1.4580 is taken out by bears, it would change the scenario to bearish.
Trading recommendations:
Remain long, stop is at 1.4580, and target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The single currency pair is still back-testing the line of resistance and is expected to bounce back. As depicted here, major resistance is fixed at 1.5 level, followed by 1.51/52 and higher up; while support is at 1.4580, followed by 1.45, 1.44 and lower. It is still recommended to hold long positions, and further add on dips. Till the time 1.4580 remains intact, bulls shall remain in control and prices should look up higher. Looking into the overall wave structure here, the entire down fall from sub 1.54 levels to 1.4, could be retraced till 1.51, before the next big move begins lower. Only if 1.4580 is taken out by bears, it would change the scenario to bearish.
Trading recommendations:
Remain long, stop is at 1.4580, and target is open.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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