empty
 
 
27.06.2013 11:26 AM
GbpChf: Hold on long positions. 1.4300 support

This image is no longer relevant

Technical outlook and chart setups:

The single currency pair seems to have formed an intermediate bottom ahead of 1.43 level and is pushing higher at the moment. The sloping downtrend line is converging at 1.46 level. Hence a push higher than that would instigate further confidence that bulls are in control. Immediate resistance is at 1.47, followed by 1.48, while strong resistance is at 1.5 level. The current wave extensions are pointing towards at least 1.5150 level, before a meaningful reversal occurs. It is recommended to hold long positions for now with a risk below 1.43, and also use intraday dips as fresh buying opportunities. Immediate support is at 1.43 level, followed by 1.4075 and lower.

Trading recommendations:

Hold long positions, stop is just below 1.43, and target is at 1.5150.

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