FX.co ★ Technical analysis of GBP/CHF for October 12, 2015

Technical outlook and chart setups:

The GBP/CHF pair is trading around 1.4750/60 now, after bouncing back from the level of 1.4650 earlier. Please note that the pair is still holding its Fibonacci support level of 0.786, and only a drop below 1.4600 would nullify the bullish scenario. Also note that prices need to overcame the level of 1.4950 to enter the buy zone and accelerate. It is hence recommended to hold long positions with risk at 1.4600. Immediate support is seen at 1.4600, while resistance is seen through 1.4900/50 and higher.

Trading recommendations:

Remain long, stop is at 1.4600, a target is open.

Good luck!