Technical outlook and chart setups:
The GBP/CHF pair hit 1.4072 today before pulling back sharply towards 1.3950. The pair is seen to be trading at 1.3980/90 for now and it is still expected to hit the levels of 1.4100 soon. One can remain long with risk below the levels of 1.3800 for now. The pair has been steadily making higher highs and higher lows since it broke above 1.3350/1.3400 resistance earlier. Please also note that 1.4100 is Fibonacci 0.618 resistance and the pair could start drifting lower from there, towards the larger downtrend. Immediate support is seen at the levels of 1.3800 followed by 1.3640, 1.3470, 1.3400 and lower while resistance is seen at 1.4100 and higher, respectively.
Trading recommendations:
Remain long; stop is below 1.3800, target is at 1.4100.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
