Technical outlook and chart setups:
The GBP/CHF pair is trading around 1.5430/40 now, after reaching highs at 1.5500 yesterday. As depicted here on the H4 chart, prices can drop lower towards 1.5370, which is also Fibonacci 0.618 support of the rally between 1.5290 and 1.5500. It is recommended to initiate fresh long positions around the level of 1.5350/70 on a bullish bounce with risk at 1.5280. Immediate support is found at 1,5400 (interim) followed by 1.5300, 1.5200, and lower, while resistance is seen at 1.5570 (interim) and higher. Bulls should regain control until prices stay above the level of 1.5290.
Trading recommendations:
Initiate long positions starting from 1.5350/70 with stop at 1.5280, a target is open.
Good luck!
