Technical outlook and chart setups:
The GBP/CHF pair has found support at the fibonacci level of 0.382 as expected and bounced higher. As seen on the 4H chart view, it has formed a tweezer bottom candlestick pattern, indicating a potential rally ahead. It is recommended to remain long with risk at 1.4100 levels for now. Immediate support is seen at the level of 1.4200 followed by 1.4000 and lower. Resistance is seen at 1.4480, followed by 1.4630, 1.4800, and higher respectively. Bulls should remain in control untill prices stay above 1.4200 for now.
Trading recommendations:
Remain long, stop at 1.4100, target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
