FX.co ★ Technical analysis of GBP/CHF for May 01, 2015

Technical outlook and chart setups:

The GBP/CHF pair has pulled back sharply lower towards an intermediary support trend line passing around 1.4300 levels. Furthermore, the pair has reached a fibonacci 0.618 support of the entire rally between 1.4100 to 1.4700 levels respectively. It is hence recommended to initiate fresh long positions now (1.4300/10) with risk below 1.4200. Immediate support is seen at 1.4200 levels, followed by 1.4100 and lower while resistance is seen at 1.4830 levels, followed by 1.4900 and higher respectively. Bulls should remain in control till prices stay above the trend lng support and subsequently 1.4200 levels respectively.

Trading recommendations:

Initiate long positions, stop at 1.4180, a target is open.

Good luck!