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12.06.201408:05 Forex Analysis & Reviews: Technical analysis of GBP/CHF for June 12, 2014

Long-term review

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Technical outlook and chart setups:

1. The GBP/CHF bulls are not just ready to give away at the moment. The pair is testing highs at 1.5120/30 levels since last few trading sessions. A push above 1.5140 would be a bullish breakout for fresh highs; while a failure here would bring control back to bears.

2. Support is seen at 1.4950/60, followed by 1.4900, 1.4780, 1.4650 and lower, while resistance is seen at 1.5140/50 levels respectively.

3. The structure indicates that GBP/CHF is on the verge of a bullish breakout, and if bulls manage take out 1.5140 it would be confirmed.

Trade recommendations:

Remain short, stop 1.5140/50, target is open.

Good luck!

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