empty
 
 
05.11.2012 02:58 PM
GbpChf Holds Resistance at 1.5100 Level

This image is no longer relevant

Technical Outlook and Chart Setups:

The single currency pair rose to resistance at 1.51 before reversing sharply on Friday. Charts are still pointing out that a top may be around the corner. Furthermore, the dropping resistance line is also passing through the same level, reinforced by the Fibonacci 0.618 resistance as well. It is recommended to add to short positions again around these levels. Only a convincing break above 1.5250 shall change scenario to bullish. Intermediary support is around 1.5800, while resistance is placed around 1.52 level.

Trading Recommendations:

Please hold short positions taken earlier and add further as close to 1.51 level. Stop at 1.5150. Target Open.

Good Luck!

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback