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03.05.2012 11:36 AM
GBP/CHF Breaks through 1.4790, Expect Rally to Gain Momentum - Technical Analysis and Trading Recommendations

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Technical Outlook and Chart Setups:

GBP/CHF went past the resistance barrier of 1.4790, which was holding since last 4 weeks. We expect this rally to gain momentum further after a test of past resistance which turned into  support line, as depicted above in RED. The region of 1.4780/90 should provide support now. Furthermore, the channel support remains intact to give confidence to our bullish momentum. It is recommended to remain long for now.

Trade Recommendations:

Bought around 1.4700, stop at 106.00, targetting 1.5 levels in the sessions to come.

 

Best regards,

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