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GBP/CHF Starting to Recover Again

Currencies / Forex Trading Jun 04, 2010 - 03:13 AM GMT

By: Seven_Days_Ahead

Currencies

Best Financial Markets Analysis ArticleIn 2009 the GBP/CHF cross rate began a recovery following a major low point at the end of the previous year. After a deep pullback some positive signs are re-emerging now.


The FX Trader’s view


 WEEKLY CHART:

The pullback from the 2009 1.8112 initial recovery high eventually found good support – exactly at the 76.4% retracement level.

The chart structure and certain signs on the Daily chart below suggest that the 1.8112 high can be challenged in due course, with a continuation through likely to find next resistance around the 38.2% recovery level.


DAILY CHART:

The bounce off 76.4% found initial resistance from the bear channel top, but has now seen initial violation of this.

Once through old Nov/Jan 1.7112 highs resistance the next focus would be on the 1.7570 76.4% recovery level of prior Jun-09/Mar downmove, where recovery could temporarily falter.

At this stage s/term dips should hold above the 1.6088 05-May low in order to avoid a collapse in momentum.

Mark Sturdy
John Lewis

Seven Days Ahead
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Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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