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07.02.2013 10:52 AM
GbpChf consolidating between 1.4170-1.4250 with upward bias

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Technical outlook and chart setups:

A short term 1H chart view is presented here. It is indicating consolidating price movement between 1.4175 and 1.4275/1.4300 at the moment. Intermediary support is at 1.4175 and a break below would target 1.4100 level before a meaningful counter trend rally can be expected. Immediate resistance is seen at 1.4350/60 levels, followed by 1.4450 and higher. A break above 1.4300 region again would push prices to at least 1.4400/50 from here. With not much conviction seen, it is recommended to refrain from taking fresh positions at the moment. Please trade on a clear breakout on either direction mentioned above.

Trading recommendations:

Existing buy positions can be held with stop at 1.4150 and target at 1.4400/50. Take fresh positions in the direction of breakout.

Good Luck!

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