Technical Outlook and Chart Setups:
Bulls seem to be in control at the moment. If you watch closely, the shorter term uptrend line is offering resistance at 1.52 level. A convincing break above 1.52 level needs to be in place for further conviction towards 1.53, 1.54 and even higher. If we look into the overall chart setup, the following parameters (below) instill confidence that the GbpChf bulls are preparing to rally further up.
i. Trend line is closer (short-term).
ii. Past resistance would turn support.
iii. Fibonacci 0.618 support is passing through.
iv. Fibonacci time zone 89 nearby.
v. Morning Star appeared last week.
Trade Recommendations:
Stay long for now, stop at 1.49 level.
Good Luck!
