Technical outlook and chart setups:
The wave structure and direction remain unchanged for the pair, from yesterday. GbpChf has bounced off the lows around 1.4250/60 and trading above 1.43 at the moment. The short term outlook remains bullish for the pair, towards 1.4380 level. As seen here, this level (1.4380) is at convergence of the following:
1. Past support turned resistance.
2. The 0.618 Fibonacci retracement of fall from 1.4480 to 1.4225.
3. The extension of counter rally from 1.4225 to 1.4340.
Major trend defining resistance still remains fixed at 1.4530 and till prices remain below this level, watch out for lower lows and lower highs formations.
Trading recommendations:
Remain long for now, stop is at 1.42, and target is at 1.4370/80.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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