FX.co ★ Technical analysis of GBP/CHF for February 26, 2014

Technical outlook and chart setups:

1. The GBP/CHF pair has remained unchanged from yesterday. The pair is showing resilience ahead of 1.4700 levels. It is quite possible that the next move may be higher, hence recommendations are to initiate long positions, risk is at 1.4600.

2. Immediate support is at 1.4550, followed by 1.4350, 1.4200 and lower, while immediate resistance is at 1.4950 (intermediary), followed by 1.5120/30 respectively.

3. The structure reveals that prices may have bottomed ahead of 1.4600 levels. Pushing again through 1.4950/60 would confirm that bulls are again in control and prices are headed to challenge 1.5120/30.

Trading recommendations:

Initiate long positions now (1.4794), stop is at 1.46, target is open.

Good luck!