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05.06.2012 10:08 AM
GBP/CHF Is about to Complete Wave 4 around 1.4750

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Technical Outlook and Chart Setup:

As depicted above and considering our previous discussions, the single currency seems to be close to completing its Wave 4 consolidation near 1.4750 levels. These are considered as the best levels for going long. Also as depicted above, the 0.382 retracement level of wave 3 is also coinciding at current price action. A bullish bounce here will definitely indicate the end of the 4th wave consolidations. The nearest resistances are seen at 1.5050; support at 1.4500 level.

Trade Recommendations:

Buy-deals are recommended between 1.4950-1.4850, Stop Loss at 1.4700 targeting 1.5200 and 1.5400

 

Good Luck !

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