empty
 
 
07.08.2012 09:47 AM
GBP/CHF Hits 1.51 Level. Book Profits - Technical Analysis and Trading Recommendations

This image is no longer relevant


Technical Outlook and Chart Setups:

As depicted above, the single currency pair hit 1.5100 at yesterday’s sessions. Moreover this is the past resistance that turned support level as well. The short positions, recommended from sub 1.54 levels earlier, have been met with their respective targets at least for now. Respecting the 2 convergence levels, Fibonacci and past resistance turned support, we recommend to book profits for now. Until now, we can assume that a 3 wave correction is materializing. The 3rd wave extends till 1.5 and below, but this should happen after a short pullback.

Trading Recommendations:

Book Profits. Flat for now.

 

Good Luck!

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
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 $10000 more!
    In January we raffle $10000 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
  • 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