Technical outlook and chart setups:
1. The GBP/CHF pair has broken past counter trend line of resistance as seen here. Currently, trading above 1.48 levels, it is recommended to initiate long positions. The risk remains at 1.4700.
2. Immediate support is at 1.4700/1.4600 (intermediary), followed by 1.4550, 1.4350, while resistance is at 1.4950/60 (intermediary), followed by 1.5120/30 respectively.
3. The structure indicates that bulls might regain control back and push prices through 1.4950/60 in the near term. A push through 1.5120/30 would be extremely bullish.
Trading recommendations:
Remain long, stop at 1.4700, target open.
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 Technical analysis of GBP/CHF for March 06, 2014 . Thanks for your support on Technical analysis of GBP/CHF for March 06, 2014
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