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08.06.2012 11:23 AM
GBP/CHF Consolidates Before Resuming Rally

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 Technical Outlook and Chart Setup:

 

As depicted above, there has been no major change in the structure since the last 4 trading sessions. Prices seem to consolidate at end of the Wave 4 completion and around past resistance turned support region of 1.4750-1.4800. We expect a rally to begin shortly towards fresh highs at 1.52 and 1.54 levels. It is recommended to build long positions now with proper risk management.

Trade Recommendations:

Buy between 1.4850-1.4950, stop at 1.4650 now, target 1.52 and 1.54.

 

Good Luck !

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