Technical outlook and chart setups:
The currency pair is testing the outer support line in the daily chart view depicted here at 1.4490/1.4500 levels. It is still recommended to initiate long positions with a risk at 1.4400 from here on. The resistance is fixed at 1.4900 levels; while supports are spread through 1.4350, followed by 1.4200 and 1.4050 respectively. The structure reveals that a pullback is due towards 1.4750/1.48 levels, if not higher from here on. On the flip side, if the trend line breaks down, prices would further weaken towards 1.4300 levels. Higher probability trade is to remain long from here on keeping the trend line support.
Trading recommendations:
Remain long, stop at 1.44, target is 1.4750/1.48.
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 is testing a support line at 1.4490/1.4500 . Thanks for your support on GBPCHF is testing a support line at 1.4490/1.4500
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