Technical outlook and chart setups:
The single currency pair has retraced to just below the1.43 level yesterday; as it was discussed earlier. It looks like the retracement is done, and the pair is ready to resume its extension rally towards 1.48 and ahead. It is recommended to hold long positions taken earlier and enter new long positions as well, from here on. The pair had bounced off earlier right at the rising trend line support producing an engulfing bullish trade signal and it still holds true for the bulls to accelerate further. Immediate resistance is at the 1.48 level followed by 1.5 on the higher side; while immediate support is 1.42, followed by 1.4075 and lower.
Trading recommendations:
Remain long, stop below 1.42, target 1.48 and ahead.
Good luck!
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Performed by Harsh Japee, Analytical expert InstaForex Group © 2007-2013 |
GBP/CHF done with retracement; initiate longs again
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