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27.09.2012 10:23 AM
GbpChf Continues To Stall at 1.52 Levels. Expecting A Break Soon

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Technical Outlook and Chart Setups:

The scenario has not unchanged since last 4 trading sessions. Bulls seem to be aiming at a break above 1.5230 level. This would trigger a rapid move towards 1.53 level and higher. Now it is immediate resistance. On the flip side, a pullback would first bring down prices to 1.51 before rallying further. In both situations, the single currency is expected to gain further. Looking into the risk/reward ratio, current levels are not the best ones to enter into long positions. The ones which were taken earlier could be held for now.

Trade Recommendations:

Hold on to long positions for now, partial profit booking is recommended. Stop at 1.5.

 

Good Luck!

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