Large Triangle Setup in GBP/CHF Currency Pair

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By Jamie Saettele | Published 02/10/2006 | Currency | Unrated

Large Triangle Setup in GBP/CHF Currency Pair

Weekly Chart Analysis: GBP/CHF Large Triangle Setup

GBP/CHF continues to trade within a Large Triangle
High probability setup points to a possible move below the triangle's lower boundary
Failure analysis points to a move above the triangle's upper boundary

Key Levels - Current Price: 2.2734

Level   Type           Significance
2.3904 Resistance 2004 High
2.3384 Resistance 78.6 Fib of the 2.3904-.21474 CHF rally
2.2976 Resistance 61.8 Fib of the 2.3904-.21474 CHF rally and Triangle's Upper boundary
1.2689 Support       50.0 Fib of the 2.3904-.21474 CHF rally
2.2402 Support       38.2 Fib of the 2.3904-.21474 CHF rally and Triangle's Lower boundary
2.2048 Support       23.6 Fib of the 2.3904-.21474 CHF rally
2.1474 Support       2004 Low

Weekly Chart

Daily Chart I

Daily Chart II

Daily Chart III

Sam Shenker is a Technical Currency Analyst for FXCM.

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