FX.co ★ Technical analysis of GBP/CHF for April 15, 2014

Technical outlook and chart setups:

1. The GBP/CHF pair rallied close to 1.4750 levels yesterday before pulling back. Please note that the pair has bounced off the resistance turned support line and 50% fibonacci support and hence wave structure indicates further bullishness. Recommendations are to remain long, risk remains at 1.4500.

2. Support is at 1.4500/1.4450 (intermediary), followed by 1.4350, 1.42 and lower, while resistance is at 1.4850, followed by 1.4950 and 1.5120 respectively.

3. The structure indicates that GBP/CHF rally could continue further till prices remain above 1.45 and subsequently 1.4450 levels.

Trading recommendations:

Remain long, stop is at 1.45, target is open.

Good luck!