Technical outlook and chart setups:
The GBP/CHF has broken the trend line support for now and found fibonacci 0.618 support ahead of 1.4750 as depicted here on the 4H chart. It is recommended to remain long and add fresh positions at current levels with risk below the level of 1.4650. The pair could resume rally if bounces from current levels, as the drop has been corrective. A push above 1.4950 would confirm that a meaningful bottom is in place just ahead of the level 1.4750. Immediate support is seen at the level of 1.4650 while resistance is seen at 1.4950 respectively.
Trading recommendations:
Remain long and add more, stop at 1.4650, target 1.5200 levels and higher.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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