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07.06.2012 10:09 AM
GBP/CHF Unable To Rally Beyond 1.4850/60 Levels. Wave 4 Consolidation Continues

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Technical Outlook and Chart Setup:

As depicted above, the wave 4 consolidation remains the same and could possibly finish around 1.4720 levels. Further extension to 1.4650 levels is possible, but the probability is low. It is still recommended to adjust risk for the previous long positions, below 1.4650 though. It is a question of time for bulls to regain the control and resume the wave 5 rally towards the measured extension levels of 1.52 and 1.54. Intermediary resistance is at 1.4850/60 while support is at 1.4700. Long positions are still recommended.

Trade Recommendations:

Long positions are recommended between 1.4850-1.4950, readjusting risk/stop-loss to 1.4600 now, targetting 1.5200 and 1.5400.

 

Good Luck !

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