FX.co ★ GBPCHF Tests and Holds 1.4800 Levels; Risk/Reward Ratio Good To Go Long

Technical Outlook and Chart Setups:

The single currency pair seems to have tested the low at 1.4800 level during the last 2 sessions and managed to produce a morning star. It is recommended to go long at the moment, as the currency pair looks to be initiating a bounce towards 1.5200-1.5300 levels in the near term. Furthermore, the bullish signal has been produced at the 0.786 Finonacci retracement level of the entire upswing from 1.4800 to 1.5148. Support would be strong now at 1.4800, followed by 1.4700, while intermediary resistance is still at 1.5050, followed by 1.5150/60 respectively. Looking higher for now.

Trading Recommendations:

Go long now (1.4903), stop at 1.4800, target open.

Good Luck!