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    USD/JPY Intraday Technical Levels for June 29, 2012

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    Technical outlook and chart setups:

    The GBP/CHF pair is trading around the level of 1.4575 at the moment after having dropped lower towards 1.4450 earlier. The pair could still extend its drop into 1.4430 and subsequently 1.4400 before resuming its uptrend. Also please note that the pair has bounced off from fibonacci 0.50% retracement between 1.4150 and 1.4830. It is recommended to initiate long positions around 1.4430 along with trend-line support bounce. Immediate support is seen at 1.4400 followed by 1.4250 and lower while resistance is seen at 1.4725 followed by 1.4830 and higher respectively.

    Trading recommendations:

    Remain flat for now. Look to buy lower around the levels of 14430/00.

    Good luck!

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