05.07.201217:06 Forex Analysis & Reviews: EUR/USD Weekly Analysis For July 05, 2012 (Weekly Strategy)

Long-term review

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Technical outlook and chart setups:

The GBP/CHF pair is trading around 1.4870 at the moment and is possibly preparing to drop lower towards 1.4690/1.4700 from here. For any intraday rallies, the pair could find resistance around 1.4975/1.5000. It is still recommended to initiate short positions between the levels of 1.4950/1.5000 with risk above 1.5050. Immediate support is seen at 1.4775 followed by 1.4550, 1.4325, and lower while resistance is seen at 1.5050 and higher respectively. The current drop should be corrective in nature, only to resume its upswing again from 1.4700.

Trading recommendations:

Initiate short positions is seen around 1.4950/1.5000, stop is at 1.5100.

Good luck!

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