Technical outlook and trade setups:
The GBPCHF pair has followed through well after printing fresh lows yesterday (1.2720 levels). The pair has bounced back higher again and has also taken out immediate resistance at 1.2860 levels. The pair is seen to be trading at 1.2850/60 levels at this moment, looking to print yet another high before retracing lower. Please note that the pair has found support at fibonacci 0.618 retracement of the rally between 1.2500 through 1.3200 levels earlier. It is hence recommended to remain long for now, with risk below 1.2650 levels. Immediate support is seen at 1.2700 levels, while resistance is at 1.2950 levels respectively. Bulls are looking poised to remain in control till prices stay above 1.2700 levels.
Trading recommendations:
Remain long for now, stop at 1.2650, and target is open.
Good luck!
