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Day trade
Trade view / 03 August 2016 at 5:56 GMT

GBPCHF shows signs of temporary recovery

partner and technical analyst / 3 c analysis
United Kingdom
Instrument: GBPCHF
Price target:
Market price:
Background

While July's bounce from 1.5 year lows has stalled for GBPCHF, the losses since then have also stalled on Tuesday, the pullback remaining within the last three-week range.

A sequence of lower daily highs has been ended which is mildly positive, though a sequence of lower weekly highs remains intact so the rally may be a temporary correction. For today though signals continue to point higher.

Management and risk description

Allow room to buy dip and raise stop to entry if the 1st target is met

Parameters


Entry: Market and 1.2820, Tuesday's Marabuzo line

Stop:
1.2736, yesterday's low

Target:
1.3051, Thursday's high and 1.3208, July's top.

Time horizon:
Today only


 
GBPCHF 8 hourly - pullback to gains
 
GBPCHF Weekly - recovery to losses
 
GBPCHF Quarterly - Rally stalls
 Source: All charts, CQG

— Edited by Adam Courtenay

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Non-independent investment research disclaimer applies. Read more
03 August
Steve Lucas Steve Lucas
Take some profit, raise stop to entry

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