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14.05.2012 11:14 AM
GBP/CHF May Retrace Towards 1.4850, Buy On Dips - Technical Analysis and Trading Recommendations

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Technical Outlook and Chart Setups:

Daily Chart Setup are depicted here, and it is quite clear that the wave structure remains intact. We expect D extension rally towards minimum of 1.5200 in the sessions to come. After reaching intraday highs at 1.5030 levels, the single currency reversed sharply on Friday, producing an evening star as seen above. One can expect a retracement or pullback towards 1.4850 before rally resumes. It is recommended to consider this pullback as opportunities to enter fresh buying.

 

Trading Recommendations:

Buy at 1.4700 levels, Stop at 1.4800, targetting 1.5200. Buy fresh on dips.

 

Good Luck!

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