Technical outlook and chart setups:
The currency pair rose towards the 1.46 levels as it had been discussed and expected earlier. It is strongly recommended to remain long and add positions on dips. Bulls now clearly want to challenge the 1.48 levels and later 1.5. Both areas were proven to be strong resistance earlier. Support is strong now at the 1.42 levels, followed by 1.4 and lower. Furthermore, the price exceeded the falling down trendline as depicted here. This is confirmation that bulls are in control and want to push through the previous resistance levels. The near-term extensions are pointing towards the 1.49 levels at least.
Trading recommendations:
Remain long, add further on dips, stop at 1.42, target is 1.49.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via GBPCHF rally gains momentum. 1.4200 is support. Remain long . Thanks for your support on GBPCHF rally gains momentum. 1.4200 is support. Remain long
No comments:
Post a Comment