empty
 
 
30.01.2013 10:25 AM
GbpChf hits measured downside extensions at 1.4460/75. Cover short positions

This image is no longer relevant

Technical outlook and chart setups:

As depicted on the Daily Chart view here, the single currency pair has almost hit the measured extension levels at 1.4460/70 at yesterdays' lows. It is recommended to cover/book profits on short positions taken earlier. Also, as shown here, the 1.4700/30 region which was former support would act as resistance and rallies should be capped below the same. Above 1.47 region resistance on the daily chart is at 1.5 and a pullback/retracement is quite possible at the moment. Supports are at 1.4300 and 1.42 respectively. A break below yesterdays' low should accelerate further downside.

Trading recommendations:

Book profits on the short positions taken earlier. Flat for now.

Good Luck!

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback