Technical outlook and chart setups:
The GBP/CHF pair made another low yesterday at the level of 1.4120 , taking out lows of June 2015 , before pulling back sharply. Please also note that the pair has bounced off the fibonacci 0.786 support of the rally between 1.3800 and 1.5570 respectively. It looks like a pin bar candlestick pattern appeared on the daily chart view, indicating a potential pullback at least. Immediate support is seen at 1.4100 level while resistance is at the 1.4400 level respectively. It is recommended to initiate 50% long positions now with risk at the 1.4100 level. Bulls might just want to remain in control till prices stay above the 1.4100 level from here on.
Trading recommendations:
Initiate 50% long positions now, stop at 1.4100, target is open.
Good luck!
