FX.co ★ Technical analysis of GBP/CHF for February 17, 2016

Technical outlook and chart setups:

The GBP/CHF pair is trading at 1.4075/80 at the moment. Please note that prices are testing the backside of intermediary resistance trend line, which could act as support now. Furthermore, prices are testing Fibonacci 0.618 support (1.4070) for a rally between 1.3920 through 1.4320. There is still a high probability that a bullish turn around can take place soon. A bullish signal here could resume the rally and push prices higher towards 1.4460 and 1.4560 subsequently. It is hence recommended to remain long with risk at 1.3900. Immediate support is seen at 1.3920/30, while resistance is seen at 1.4300 (interim). Bulls are expected to remain in control until prices stay above 1.3930.

Trading recommendations:

Remain long now with stop at 1.3900, a target is at 1.4450 and 1.4560.

Good luck!