FX.co ★ GbpChf Stalled Near 1.51 Region

Technical Outlook and Chart Setups:

The existing chart setup is indicative of a huge price action on either side, (more probable towards north side). If we look at every fibonacci time zone number starting 1, prices have moved heavily towards the trend or counter trend. Given the fact that we are possibly at the swing lows (or counter trend completion), a strong possibility remains of bullish reversal atleast towards 1.53 in the sessions to come by. Furthermore, adding to the confidence are fibonacci support at 0.618, past resistance turned support and support trendline. Buying on intraday dips would logically prove beneficial.

Trade Recommendations:

Stay long with stop at 1.4900

Good Luck !