FX.co ★ GbpChf Bullish Reversal Should Materialize

Technical Outlook:

As depicted above, prices still remain unchanged from yesterday. The 1.5050-1.5100 levels stand at a Fibonacci convergence of 2 major upswings. 0.618 Fibonacci support of the rally from 1.47 levels to 1.54, and 0.382 Fibonacci support level of rally from 1.44 levels to 1.54. Prices seem to have temporarily broken the support trend line but Fibonacci supports indicate the possibility of a bounce from here.Since our long trades taken earierare still in place, it is humbly recommended to stay long for now. Resistance comes at 1.52 levels now.

Trading Recommendations:

It is recommended to stay long with a strict stop-loss at 1.49 levels.

Good Luck!