FX.co ★ GbpChf Is Testing Trenline Support at 1.51 Level

Technical Outlook and Chart Setups:

As depicted above, nothing has structurally changed since yesterday. Prices are retesting the trendline support. Past resistance turned to support confluence at 1.5100 levels. Duriong the next 24 hours we should be able to see a rally from this position if the trendline support holds well. There is a high probability that trading setups will remain on the long side and will have a potential to reach fresh highs around the 1.55/56 area in the upcoming weeks. Resistance well be met at 1.5350 level.

Trading Recommendations:

Remain long from yesterday around 1.51 level, stop at 1.4900, target at 1.55 and higher.

Good Luck!