Technical outlook and chart setups:
The GBP/CHF pair is trading higher for the day at 1.3015 levels at the moment, looking to push higher above 1.3200 levels. The wave structure indicates that GBP/CHF might be into its 5th wave rally and should terminate above 1.3250 levels at least. Also note that bulls should remain poised to take out major resistance lined up at 1.3250 levels (not seen here). On the flip side, only a break below 1.2875 levels would confirm that a meaningful top is in place at 1.3200 levels and that the pair is heading south. It is hence recommended to remain long from yesterday with risk at 1.2850 levels. Immediate support is seen at 1.2875 levels, while resistance is at 1.3200 levels respectively.
Trading recommendations:
Remain long for now, stop is at 1.2850, target is 1.3250.
Good luck!
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