FX.co ★ Technical analysis of GBP/CHF for February 09, 2015

Technical outlook and chart setups:

The GBP/CHF pair has finally hit its expected extension at the levels of 1.4100 and pushed even higher through 1.4184 before pulling back. It is recommended to fix full profits on long positions taken earlier. Also note that the pair has hit Fibonacci 0.618 resistance level at 1.4184 and high probability remains for a potential reversal from here. Immediate resistance is seen at the levels of 1.4180 (interim) followed by 1.4800 and higher while support is seen at 1.4000 followed by 1.4850, 1.3600 and lower, respectively. Bears are expected to remain in control from here on (untill the prices remain below 1.4200).

Trading recommendations:

Fix full profits on all long positions and remain flat for now.

Good luck!