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16.05.2012 10:11 AM
GBP/CHF Hits 1.5100 Levels, Retracement Is expected Before 1.5200

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Technical Outlook and chart Setup:

As depicted above, yesterday a hanging man pattern was formed. Keeping this is mind, we can suggest that the single currency may retrace down 1.4950/1.5000 levels before moving towards our first upside extensions towards 1.5200. It is suggested to use this dip as a buying opportunity for bulls to target new highs in coming sessions. Support remains fixed at 1.4800 (past resistance) and 1.4900 (candlestick lows) levels. The overall wave structure remains constructive for bulls.

Trade Recommendations:

Buy-deals around 1.4700; stop at 1.4900 with 1.5200 and 1.5400 seen as targets.

 

Good Luck !

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