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Technical analysis of GBP/CHF for December 09, 2015

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Technical outlook and chart setups:

The GBP/CHF pair had dropped lower to 1.4860 levels yesterday before pulling back higher. The pair is trading around 1.4900 levels for now, looking to resume rally as depicted here. The Counter Trend dropped towards the level of 1.4930. The minimum criteria for the drop has been met and bulls are expected to take back control any moment. Also note that prices are still within the Fibonacci 0.618 support around the level of 1.4930. Immediate support is found around the level of 1.4750 followed by 1.4700 and lower, while resistance is seen at 1.5150 and higher respectively.

Trading recommendations:

Initiate long positions now, stop is at 1.4700, a target is open.

Good luck!

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