empty
 
 
30.10.2013 08:15 AM
GBPCHF at Fibonacci support of 1.44. Hold long positions

This image is no longer relevant

Technical outlook and chart setups:

The currency pair has bounced off the fibonacci 0.618 support level of the rally between 1.42 to 1.49, as seen in the 4H chart. Intermediary resistance levels are spread through 1.4625, followed by 1.47 and 1.48; while support levels are spread through 1.42 and 1.4075, respectively. It is recommended to hold long positions for now and add further. A push through 1.4530 would confirm that prices are inching towards fresh intermediary highs around the 1.49 levels in the sessions to come. Please note that 1.49 is the fibonacci 0.618 retracement of the previous fall from 1.54 to 1.4. This level would be of interest to go short again.

Trading recommendations:

Remain long with risk at 1.42

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