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12.06.2012 09:46 AM
GBP/CHF Bounces Srong from Support Zone 1.4700/4750 - Technical Analysis and Recommendations

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Technical Outlook and Chart Setups:

Believe it or not GBP/CHF is a classic example of Trading Consolidations, especially 4th waves. Time and again the single currency has bounced back from past resistance turned support area between 1.4700 -1.4750. No doubt, the structure remains constructive for bulls. Earlier it was suggested to buy at close 1.4700 on dips and yesterday there was such an opportunity. Only a clear break of 1.4700 should be a concern for bulls and prices could retrace further down to 1.4600. Holding long positions is recommended.

Trading Recommendations:

Buy earlier between 1.4850 and 1.4950, Stop Adjusted to 1.4600, target 1.5200 and 1.5400.

 

Good luck!

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