empty
 
 
16.02.2011 11:27 AM
GBP/CHF candlestick analysis for February 16, 2011

The GBP/CHF is rolling back after a strong advance to the resistance level 1.5695. Earlier on a 4-hour graph the GBP/CHF has formed candlestick combination Rising Three Methods, which indicates upside movement, confirmed further.
This candlestick combination shows that the currency pair had been demonstrating upside movement for several weeks after an unsuccessful attempt to break the support level 1.4850. However, it stopped near 1.5250 after a break of the resistance level 1.5192. Further the bulls started to increase their influence.
The breakthrough of the resistance level 1.5250 proves this viewpoint.
As mentioned before, if the resistance level 1.5418 is broken, upside movement targeted at 1.5600 and further at 1.5733 should be expected.
Stop loss should be placed slightly below 1.5381 as its breakout will target the GBP/CHF to 1.5059.

This image is no longer relevant

InstaForex Analyst,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback