GBPCHF at support around 1.44. Adding longs recommended
October 24, 2013 5:45 am
Technical outlook and chart setups:
The currency pair is around the fibonacci 0.618 mark at 1.44, as expected earlier. It is likely to produce a bullish reversal here; hence it is recommended to hold long positions and also look to add further at the current levels. The immediate support is at 1.42, followed by 1.4075 and lower; while initial intermediary resistance is now at 1.46, followed by 1.47, 1.48 and 1.5 respectively. The overall structure indicates that the 1.49 levels are strong resistance for a trend reversal to materialize. The short-term bullish structure would be confirmed upon a bounce at the current levels.
Traing recommendations:
Hold long positions and look to add more; set stop below 1.42, target is at 1.49
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook and chart setups:
The currency pair is around the fibonacci 0.618 mark at 1.44, as expected earlier. It is likely to produce a bullish reversal here; hence it is recommended to hold long positions and also look to add further at the current levels. The immediate support is at 1.42, followed by 1.4075 and lower; while initial intermediary resistance is now at 1.46, followed by 1.47, 1.48 and 1.5 respectively. The overall structure indicates that the 1.49 levels are strong resistance for a trend reversal to materialize. The short-term bullish structure would be confirmed upon a bounce at the current levels.
Traing recommendations:
Hold long positions and look to add more; set stop below 1.42, target is at 1.49
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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