Technical outlook and chart setups:
1. The GBP/CHF pair staged an impressive rally of over 100 pips after bouncing off the channel support near 1.4780/1.4800 levels. At the moment, the pair is seen to be trading comfortably above 1.4900 levels and soon approaching fibonacci resistance at 1.4920/30 levels. Recommendations are to remain short for now, risk remains around 1.4950/60 levels.
2. Support is now at 1.4780/1.4800, followed by 1.4630, 1.4550, and lower, while resistance is at 1.4950/60, followed by 1.5120 levels respectively.
3. The structure indicates that the pair should at least retrace from the current levels of 1.4900. Bulls should keep on monitoring till the prices stay above 1.4800 levels for now. Any dips could be seen as opportunities to go long.
Trading recommendations:
Remain short for now, stop at 1.4960, target below 1.4700.
Good luck!
