Technical outlook and chart setups:
The GBP/CHF pair is holding initial fibonacci support at the level of 1.4200 as seen here. The pair could produce a bullish bounce from here but a drop below would expose 1.4000. It is recommended to remain long with risk at the level of 1.4100 for now. A more conservative trading approach would be to remain flat for now and wait for further confirmation. Immediate support is seen at 1.4200 (interim) followed by 1.4000, 1.3850, and lower, while resistance is seen at 1.4475 followed by 1.4650 and higher respectively.
Trading recommendations:
Remain flat for now or hold on to earlier long position with stop at 1.4100 (aggressive).
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
