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17.01.2013 08:57 AM
GBP/CHF hits trendline resistance and bounces back; selling on rallies favoured

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Technical outlook and chart setups:

A 4H chart view has been depicted here, and, as seen, prices hit the line of resistance around 1.4975/85 region and bounced back producing an evening star. It looks like a lower swing high is in place now around the 1.4975/85 levels and that the next big move should be lower. Higher up resistances are at 1.5050/60 and 1.5160, while support is straight down 1.4670 and 1.46 respectively. It is hence recommended to initiate fresh Sell positions now or on intraday rallies. 1.4925/30 is immediate resistance. Looking lower from these levels.

Trading recommendations:

Sell now (1.4895), add further on intraday rallies. Stop is at 1.5030, target is open.

Summary
Urgency
Analytic
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