Technical outlook and chart setups:
The GBP/CHF pair had broken out a rising trend line earlier and bounced back from fibonacci 0.618 support at 1.4600. The pair has dropped below 1.4700, but still holds 1.4600. It is trading around the levels of 1.4800. According to the daily chart, bulls could remain in control until prices stay broadly above 1.4600. Hence recommendations are to remain long with risk just below 1.4600. A push through 1.5000 and 1.5100 subsequently would confirm further bullish scenario. Immediate support is seen at 1.4600 (interim) followed by 1.4500 and lower, while resistance is seen at 1.5000 and 1.5100 now.
Trading recommendations:
Remain long with stop set at 1.4590, a target is open.
Good luck!
