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22.09.2014 04:06 PM
Technical analysis of GBP/CHF for September 22, 2014

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Technical outlook and chart setups:

The GBP/CHF is retracing for now, after printing highs at 1.5450 levels last week. The entire structure indicates that the GBP/CHF pair is potentially moving towards 1.5800 levels, and hence buying on dips remain a recommended trading strategy for now. Immediate support is at the 1.4975 levels, followed by 1.4750 and lower, while resistance is at 1.55 and 1.58 (fibonacci), respectively. A dip towards 1.5200 again could be considered as potential long entry again. Only a break below 1.4975, and subsequently, 1.4800 (support trend line), should be a concern to the bullish setup.

Trading recommendations:

Remain flat for now and look to buy on dips towards 1.5200 levels.

Good luck!

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