GBPCHF still at trend line support. Hold longs for now
December 16, 2013 12:15 pm
Technical outlook and chart setups:
The currency pair could be said to be still testing the trend line support as depicted here, at 1.4450/1.4500 levels. It is recommended to hold on to long positions taken last week with risk at 1.4400. Support levels are spread through 1.4350 levels, followed by 1.4200 and 1.4000; while resistance is at 1.4700 levels (the fibonacci 0.618 retracement level); followed by 1.4900 levels respectively. The structure reveals that there is high probability of a pullback from the current levels (1.45) to 1.47/50, before the down swing could continue. We would be looking for opportunities to go short again between 1.4700/50 levels, if it reach them.
Trading recommendations:
Remain long now, stop at 1.44 and target is at 1.47.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The currency pair could be said to be still testing the trend line support as depicted here, at 1.4450/1.4500 levels. It is recommended to hold on to long positions taken last week with risk at 1.4400. Support levels are spread through 1.4350 levels, followed by 1.4200 and 1.4000; while resistance is at 1.4700 levels (the fibonacci 0.618 retracement level); followed by 1.4900 levels respectively. The structure reveals that there is high probability of a pullback from the current levels (1.45) to 1.47/50, before the down swing could continue. We would be looking for opportunities to go short again between 1.4700/50 levels, if it reach them.
Trading recommendations:
Remain long now, stop at 1.44 and target is at 1.47.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: