GBP/CHF: stick to long positions for now. 1.44 is support
May 9, 2013 11:00 am
Technical outlook and chart settings:
This currency pair seems to run up through 1.47 and probably even higher, according to chart view presented here. The line in the sand is 1.44; that should hold for now. Resistance is at 1.47 (this was past support zone), followed by 1.5 and 1.51; while support is 1.44, followed by 1.4075, 1.4030 and lower. It is therefore recommended to remain long for now and buy on dips from here on. A push through 1.47 levels would enable further room towards 1.48 and possibly towards 1.5 levels as well before a meaningful retracement takes place. Bottomline: Looking higher above 1.44 levels for now.
Trading recommendations:
Hold on to long positions for now, stop at 1.44, target 1.27/1.28
Good luck !
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart settings:
This currency pair seems to run up through 1.47 and probably even higher, according to chart view presented here. The line in the sand is 1.44; that should hold for now. Resistance is at 1.47 (this was past support zone), followed by 1.5 and 1.51; while support is 1.44, followed by 1.4075, 1.4030 and lower. It is therefore recommended to remain long for now and buy on dips from here on. A push through 1.47 levels would enable further room towards 1.48 and possibly towards 1.5 levels as well before a meaningful retracement takes place. Bottomline: Looking higher above 1.44 levels for now.
Trading recommendations:
Hold on to long positions for now, stop at 1.44, target 1.27/1.28
Good luck !
The material has been provided by InstaForex Company – www.instaforex.com
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