Technical outlook and chart setups:
1. The GBP/CHF pair is seen to be bouncing off fibonacci 0.50 levels around 1.5130/40 levels. A bullish morning star signal is again appeared around the inner trend line indicating that the next move may be higher from here. Still the best place to initiate long positions remains around 1.5080 levels.
2. Support is seen at 1.4950 levels, followed by 1.4780, 1.4650 and lower, while resistance is seen at 1.5300 levels.
3. The structure indicates that GBP/CHF may resume pushing higher up till prices remain in the buy zone of the trend line and above 1.4950 levels.
Trading recommendations:
Buying on dips is still recommended.
Good luck!
