16.10.201314:44 Forex Analysis & Reviews: GBPCHF eyeing a rally. The 1.44 levels remain best buy

Long-term review

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Technical outlook and Chart Setups:

As depicted here, the single currency pair has bounced off ahead of the1.4420/30 levels as expected earlier. The possibility still remains that of a dip towards 1.44 before rallying. It is recommended to hold long positions taken earlier and also look to add further on dips. Intermediary resistance is at 1.48, followed by 1.5; while support begins from 1.42 and extends through 1.4. We shall be focusing on 1.49 levels to build short positions in the long run. This region is convergence of a fibonacci 0.618 retracement level of the entire fall from 1.54 to 1.4; and extension of the upswing between 1.4070 and 1.4500. A final rally could be expected to sub 1.49 levels, before a major reversal.

Trading recommendations:

Remain long, stop is at 1.43, buy further at 1.44, target is at 1.49.

Good luck!

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