Technical outlook and chart setups:
The currency pair swings between 1.45 and 1.46 for now. It is recommended to hold long positions taken earlier. Support begins from 1.4470/80, followed by 1.42 and 1.4075; while resistance is fixed at 1.48, followed by 1.5 respectively. The structure indicates that a rally should materialize towards the 1.49 levels, before a meaningful swing top is in place, for a huge reversal. Please also note that the 1.44 area is fibonacci 0.618 support of the rally between 1.42 and 1.48. It is encouraged to add more long positions if prices manage to reach there. Looking higher for now.
Trading recommendations:
Remain long for now. Set stop at 1.43, target is at 1.49.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via GBPCHF bullish above 1.44 . Thanks for your support on GBPCHF bullish above 1.44
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