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30.04.2012 09:55 AM
GBP/CHF Is about to break through 1.4790

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Technical Outlook and Chart Setup:

We have been holding short positions expecting a possible Head and Shoulder reversal for last 2-3 weeks. As depicted above, prices are well supported above Channel Line. Furthermore, prices were fixed above 1.4750 just ahead of 1.4790 for 2 days. At the moment we assume that the 1.4790 level is likley to be broken through  and bulls will target 1.5000 range. Onlyin case of channel line breakdown, bears will take the control and bullish outlook will be cancelled.

Trade Recommendations:

1. Exit Short positions.

2. Buy around 1.4700 levels, stop around 1.4600, targetting 1.5000.

 

Best Regards,

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