Technical outlook and chart setups:
The GBP/CHF pair dropped lower towards 1.4200 yesterday. The pair making an attempt to form a base around 1.4150-1.4300 before resuming its rally. Please also note that the fibonacci 0.618 support is also around the level of 1.4150. Bulls should be poised to bounce off around 1.4150 towards fresh swing highs. It is hence recommended to remain long for now and also look to add further around the level of 1.4150, risk remains at 1.4050. Immediate support is seen at 1.4150, followed by 1.4000, 1.3850, and lower. Resistance is seen at 1.4450 followed by 1.4650, 1.4700, and higher respectively.
Remain ling for now, stop at 1.4050, target is open.
The material has been provided by InstaForex Company – www.instaforex.com