Technical analysis of GBP/CHF for January 22, 2016. Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair has raised through the level of 1.4510 as discussed and expected earlier. The pair should face initial resistance around 1.4600. Bulls should be poised to push through 1.4800/50 as depicted here, before producing a meaningful retracement. It is recommended to take partial/full profits for longs taken earlier and watch for an opportunity to enter on a pullback again. Immediate support is seen at the levels of 1.4130/50 followed by 1.3850 and lower, while resistance is seen at 1.4600 followed by 1.4800 and higher.

Trading recommendations:

Take profits on long positions taken earlier and remain flat now.

Good luck!

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