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15.08.2014 08:47 AM
Technical analysis of GBP/CHF for Aug 15, 2014

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Technical outlook and chart setups:

1. The GBP/CHF pair has hit the first fibonacci extension at 1.5070 levels as depicted here. The pair could stage a pullback rally from the current levels. The 1.5250/1.5300 region should provide enough resistance now.

2. Support is seen at 1.4950, followed by 1.4760/70 and lower, while resistance is seen at 1.5350, followed by 1.5430/50 respectively.

3. The structure indicates that GBP/CHF counter trend rally could materialize at least up to 1.5300/50 levels.

Trading recommendations:

Exit short positions, enter long positions, stop at 1.5050, target is open.

Good luck!

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