empty
 
 
18.12.2012 10:48 AM
GbpChf May Bounce Back From Wedge Support. Booking Partial Profits On Shorts Is Recommended

This image is no longer relevant

Technical Outlook and Chart Setups:

As depicted here, prices are forming a decreasing wedge formation with constant support near the 1.4800 region. Decreasing wedge formations normally break south (support). Resistance is lined up through 1.5050/60, 1.5150/60, and 1.5220/30 respectively; while support is lined up from 1.4800, 1.4700, and further down. A breakdown of 1.4800 level would rapidly move down towards 1.4600 and 1.4450 respectively. It is recommended to book at least partial profits on the short positions taken earlier. Further short positions can be built on a clear break of 1.4800 level on the downside.

Trading Recommendations:

Hold on to short positions taken earlier, booking partial profits is recommended, stop is at 1.5050/60.

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