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11.06.2012 09:22 AM
GBP/CHF Is Expected to Form a Base Around 1.47/1.4750 - Technical Analysis and Trading Recommendation

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Technical Outlook and Chart Setups:

The past resistance zone at 1.4750/80 is providing good support at the moment. The maximum possible downside extensions are depicted above. The single currency pair is expected to form a base around the 1.4700 level before resuming the rally towards 1.52 and 1.54. Intermediary resistance remains at 1.5050 while support should be strong near the 1.4700 levels. It is recommended to go long near support region rather than selling for short profits. The trend is up, buy on dips.

Trading Recommendations:

Buy around 1.4950 and 1.4850, stop ADJUSTED AT 1.46. Targetting at 1.52 and 1.54

 

Good Luck!

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