empty
 
 
16.12.2013 02:27 PM
GBPCHF still at trend line support. Hold longs for now

This image is no longer relevant

Technical outlook and chart setups:

The currency pair could be said to be still testing the trend line support as depicted here, at 1.4450/1.4500 levels. It is recommended to hold on to long positions taken last week with risk at 1.4400. Support levels are spread through 1.4350 levels, followed by 1.4200 and 1.4000; while resistance is at 1.4700 levels (the fibonacci 0.618 retracement level); followed by 1.4900 levels respectively. The structure reveals that there is high probability of a pullback from the current levels (1.45) to 1.47/50, before the down swing could continue. We would be looking for opportunities to go short again between 1.4700/50 levels, if it reach them.

Trading recommendations:

Remain long now, stop at 1.44 and target is at 1.47.

Good luck!

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Gagnez sur les variations du cours des cryptomonnaies avec InstaForex.
Téléchargez MetaTrader 4 et ouvrez votre première transaction.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback