GbpChf retraces for now. Hold on long positions targeting 1.48
May 14, 2013 11:15 am
Technical outlook and chart setups:
The single currency pair has bounced off the sloping downtrend line as depicted here. Nevertheless, this can be just considered as a pullback for now and it is recommended to hold long positions towards 1.48 level from here on. Immediate support is at 1.45, followed by 1.44 and lower while major resistance is at 1.5 level. A break of 1.45 level would suggest that a top is in place near 1.4750 region and the next move is lower from here. Until that event, prices should look to build higher towards 1.48 and possibly towards 1.5 level. This rally that has begun from 1.4 level could be the counter trend rally for the down swing from 1.54 to 1.400. Bottom line: Looking higher for now.
Trading recommendations:
Hold long positions for now, stop is at 1.4500, target is at 1.48 at least.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The single currency pair has bounced off the sloping downtrend line as depicted here. Nevertheless, this can be just considered as a pullback for now and it is recommended to hold long positions towards 1.48 level from here on. Immediate support is at 1.45, followed by 1.44 and lower while major resistance is at 1.5 level. A break of 1.45 level would suggest that a top is in place near 1.4750 region and the next move is lower from here. Until that event, prices should look to build higher towards 1.48 and possibly towards 1.5 level. This rally that has begun from 1.4 level could be the counter trend rally for the down swing from 1.54 to 1.400. Bottom line: Looking higher for now.
Trading recommendations:
Hold long positions for now, stop is at 1.4500, target is at 1.48 at least.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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