FX.co ★ Technical analysis of GBP/CHF for February 05, 2016

Technical outlook and chart setups:

The GBP/CHF pair is finally dropping lower after reaching highs around the level of 1.4750. The pair is trading closer to 1.4400 now looking for an opportunity to form a base around 1.4350/60 before resuming its rally. Please note that 1.4350/60 is also the fibonacci 0.618 support of the rally between 1.4100 and 1.4750. An overall outlook still remains positive for bulls and the pair is expected to push prices higher towards 1.5000/20 at least. Immediate support is seen at 1.4353, while resistance is at 1.4700. Bulls should remain in control until prices remain above 1.4100 and complete the 3 wave corrective structure at the level of 1.5000.

Trading recommendations:

Remain long from 1.4350/60.

Good luck!