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17.05.2012 10:41 AM
GBP/CHF Finally Begins Retracement - Technical Analysis and Trading Recommendations

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Technical Outlook and Chart Setups:

As depicted above, after producing a hanging man, the currency pair has begun a retracement towards the projected Fibonacci support levels above. Initial support comes at 1.4930 and 1.4850 should provide strong support base since it was the past resistance area. The immediate trend line also passes across the same region in the sessions to come. It is suggested to re-enter between 1.4850 and 1.4900.

Trade Recommendations:

Buy at 1.4700, stop at 1.4900, targetting at 1.5200 and 1.5400.

 

Good Luck!

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