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16.07.201405:16 Forex Analysis & Reviews: Technical analysis of GBP/CHF for July 16, 2014

Long-term review

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Technical outlook and chart setups:

1. The GBP/CHF pair has raised to 1.5340/50 levels yesterday, as seen here. Please, note that it has stalled just shy of the recent swing highs at 1.5350/60. Possibilities are ripe at least for a pullback before the rally continues.

2. Support is seen at 1.5150, followed by 1.4950, 1.4780 and lower while resistance is seen at 1.5350/60 levels respectively.

3. The structure indicates that GBP/CHF could pullback or reverse from the current levels. Remain cautious.

Trading recommendations:

Exit long positions if taken. Initiate short positions, stop above 1.5380, target is open.

Good luck!

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