Technical outlook and chart setups:
The GBP/CHF pair dropped lower tothe level of 1.4950 last Friday as per expectations, but remained shy of 1.4925 before pulling back higher. As shown on the chart, the pair might still drop to the Fibonacci convergence zone around 1.4925 before turning bullish again. Please note that 1.4900/25 is the Fibonacci 0.618 support of the entire rally from 1.4500 to 1.5550. Immediate support is seen at the level of 1.4900, while resistance is seen at the level of 1.5325 and higher. Bulls should be looking to take back control around 1.4900/25.
Trading recommendations:
Stay long at 1.4920 with stop at 1.4800, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of GBP/CHF for December 07, 2015 . Thanks for your support.
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