Technical outlook and chart setups:
The GBP/CHF pair has been trading in a wide and volatile range between 1.2600 and 1.3400 levels and is forming a cone type consolidation on the H4 chart view (a monthly chart view has been depicted here for the bigger picture). The shorter time frames are indicating a potential counter trend rally from the current levels. Immediate support is seen at 1.29/10 levels, followed by 1.2800 and 1.2650 while resistance is seen at 1.3380 levels, followed by 1.3500 and higher respectively. It is recommended to initiate 50% long positions at the current price (1.3170/80), risk remains at 1.2850/60 for now.Looking at the larger picture here, it looks like the pair has hit Fibonacci 0.618 resistance at sub 1.5500/50 levels last week and the next lower target would be below 1.1500 levels in the weeks to come.
Trading recommendations:
Initiate 50% long positions now, stop at 1.2850/60, target is open.
Good luck!
