Technical outlook and chart setups:
The GBP/CHF is seen to be trading at 1.3900/10 levels, unchanged from yesterday. But please note that the pair has re-tested lows at 1.3815/20 levels and bounced back. This might be an indication of an intermediary bottom formation and a potential rally towards 1.4700/50 levels as discussed yesterday. Please also note that the pair may be setting up to produce a bullish morning star candlestick pattern today. It is recommended to remain long for now, with risk around 1.3800 levels. Bulls seem to be determined to stage a rally (countertrend) towards 1.4700 levels at least before giving in to bears again. Immediate support is seen at 1.3820 levels, while resistance is at 1.4300 levels respectively.
Trading recommendations:
Remain long for now, stop at 1.3800, target is 1.4700.
Good luck!
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