FX.co ★ GBPCHF preparing to rally after bouncing off the 0.618 support

Technical outlook and chart setups:

The overall structure still remains unchanged, and the currency pair is seen bouncing off the 0.618 fibonacci support around the 1.4380/1.44 levels here. Therefore, it is recommended to keep long positions taken earlier and also to add further at the current levels (1.4440). Rally extensions are pointing towards 1.49 from here on. Please note that 1.49 is also the 0.618 retracement between the 1.54 and 1.4 levels fall earlier. It would be the next level to initiate short positions in the long term. Resistance is fixed at the 1.48 levels, followed by 1.5; while support levels are spread through 1.4200 - 1.4075, respectively. Looking higher from here on.

Trading recommendations:

Remain long, set stop below 1.43, target is at 1.49.

Good luck!